Swiss Re AG, one of the largest reinsurance companies in the industry, has increased its net profit by 1.9 times in the first nine months of this year, which exceeded market expectations.
According to the company’s press release, its net profit in January-September was $4.04bn, up from $2.18bn in the same period a year earlier.
Analysts, whose consensus forecast cited by the company itself, had expected a profit of $3.93bn.
Net income of the property and casualty insurance division increased 3.8 times to $2.3bn, while that of the life and health insurance division fell 12% to $1.06bn.
The reinsurer’s average return on equity (ROE) was 22.5% year-on-year, compared with 13.3% a year earlier.
The company also reaffirmed its net profit forecast for the current year at above $4.4bn.
Swiss Re share prices are falling by 3.6% during trading on Friday.