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Swiss Re Q1 profit nearly halves after Cyclone Debbie blow
May 4, 2017 / 5:20 AM / 7 months ago

Swiss Re Q1 profit nearly halves after Cyclone Debbie blow

ZURICH, May 4 (Reuters) - Swiss Re, the world’s second-largest reinsurer, said on Thursday first-quarter net profit fell nearly 47 percent after outlays on claims from Australia’s Cyclone Debbie stripped $350 million from the reinsurer’s bottom line.

The group’s first-quarter net profit of $656 million fell shy of estimates, which averaged $692 million in a Reuters poll of eight analysts.

Swiss Re’s property and casualty combined ratio, a measure of underwriting profitability, rose to 95.6 percent, better than a Reuters poll average of 98.3 percent. A figure below 100 percent indicates a profit. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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