The world's biggest reinsurers - Swiss Re (Swiss Re) announced today that its 2007 net income of strong, reaching 4.2 billion Swiss francs, equity yield of 13.5%.
Compared with 2006, Swiss Re 2007 net income fell 9 percent to 4.2 billion Swiss francs. Earnings per share fell 11 percent, to 11.95 Swiss francs. Premium income increased 7.3 percent to 31.7 billion Swiss francs. Equity yield of 13.5%, lower than 2006's 16.3 percent. Equity increased to 31.9 billion Swiss francs.
January this year, Swiss Re insurance and Buffett's Berkshire Hathaway agreed to the latter through the transfer of 20 percent of new and renewal property and casualty insurance business to improve the operating leverage of the company. The agreement provides the sub-commission, including the latter to the Swiss Re insurance to pay the long-term acquisition costs and 14 percent of the reinsurance commissions.
Swiss Re CEO Jacques Aigrain said: "As all key business areas are very good performance, we achieved a Swiss Reinsurance 144-year history of the second good performance. Property insurance and accident insurance a record performance, and life insurance and health insurance Business performance of the previous year is already well on the basis of further growth. Although the market environment of recession, investment activities, is still a positive development. Therefore, the company's board of directors proposed cash dividend will be raised to 4 Swiss francs per share, that our company's future Profitable confidence. "
Compared with 2006, Swiss Re 2007 net income fell 9 percent to 4.2 billion Swiss francs. Earnings per share fell 11 percent, to 11.95 Swiss francs. Premium income increased 7.3 percent to 31.7 billion Swiss francs. Equity yield of 13.5%, lower than 2006's 16.3 percent. Equity increased to 31.9 billion Swiss francs.
January this year, Swiss Re insurance and Buffett's Berkshire Hathaway agreed to the latter through the transfer of 20 percent of new and renewal property and casualty insurance business to improve the operating leverage of the company. The agreement provides the sub-commission, including the latter to the Swiss Re insurance to pay the long-term acquisition costs and 14 percent of the reinsurance commissions.
Swiss Re CEO Jacques Aigrain said: "As all key business areas are very good performance, we achieved a Swiss Reinsurance 144-year history of the second good performance. Property insurance and accident insurance a record performance, and life insurance and health insurance Business performance of the previous year is already well on the basis of further growth. Although the market environment of recession, investment activities, is still a positive development. Therefore, the company's board of directors proposed cash dividend will be raised to 4 Swiss francs per share, that our company's future Profitable confidence. "
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