Swiss Re surprises analysts with huge gains
Reinsurance giant Swiss Re said Friday it had a first quarter net profit of $1.1 billion, beating
forecasts and more than reversing a year-earlier net loss of $665 million.
Analysts surveyed by financial agency AWP had been expecting a net profit of $644 million.
In 2011, Swiss Re shrugged off a series of natural disasters to report net profit of $2.6 billion, up sharply from $863 million the previous year and higher than the 1.8 billion dollars analysts were expecting.
For the first quarter, it said insurance premium income rose 22 percent to $6.2 billion, making a "good start" to the year.
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