Swiss Re Slides to Loss in First Nine Months on Disaster Costs

By Max Bernhard Features Dow Jones Newswires

Swiss Re AG (SREN.EB) said Thursday that it swung to a loss in the first nine months of the year, citing charges stemming from a string of natural disasters.

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The Zurich-based reinsurance company reported a loss of $468 million compared with a profit of $3.04 billion in the same period a year earlier.

Gross premiums fell to $26.66 billion in the period compared with $28.10 billion a year earlier.

Swiss Re had earlier said that charges stemming from hurricanes Harvey, Irma and Maria, together with two earthquakes in Mexico, were $3.6 billion.

The reinsurer's property and casualty business--Swiss Re's largest unit--posted a net loss of $652 million compared with a net profit of $1.55 billion a year earlier. Gross premiums at the unit fell to $13.36 billion from $15.29 billion.

Swiss Re said it will start a previously announced share buyback program of up to CHF1.0 billion ($999.2 million) on Nov. 3.

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Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

November 02, 2017 02:50 ET (06:50 GMT)