Yesterday, the world's largest reinsurer Swiss Re's announcement of that second-quarter 2008 net income will reach about 600 million Swiss francs. This data is far below the same period last year 11.9 billion Swiss francs, down about 50 percent.
According to Notice, Switzerland again in the second quarter did not achieve the non-existence of the structural business credit default swaps transactions loss products should be adjusted according to market prices for 362 million Swiss francs (about 345 million U.S. dollars), making corporate profits declined. Rui again that, although the business of the non-existence, Swiss Re is still subject to market fluctuations in the value of the impact of the product, it is estimated that in July 2008 the non-existence of the structural business credit default swaps transactions loss products should be adjusted according to market prices 163 million Swiss francs.
"The rate of decline in investment income was mainly due to hedging by the Group of the negative impact of the project. These projects contribute to the protection of the investment portfolio to withstand risks, but in a relatively short period of Swiss Re will increase investment yield in the accounting sense of the volatility." Swiss Re insurance related to this that in order to be in premiums and investment income were lower circumstances boost revenue, the company will also buy 753 million pounds to Barclays life insurance sector.
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