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Swiss Re, the world’s largest reinsurer, announced it has agreed to purchase Barclays‘ life insurance arm for 753 million pounds ($1.48 billion). The purchase is intended to boost the reinsurer’s Admin Re business in England.
Published on August 5, 2008
Swiss Re also reported a mark-to-market loss on structured credit default swaps of 362 million Swiss francs ($345.7 million) in the second quarter.
The company posted a second-quarter net profit of 600 million Swiss francs, behind forecasts of 795 million frances, with a combined ratio of 92.3 percent, behind forecasts of 96 pecent.
Swiss Re said it maintained its targets for earnings per share growth of 10 percent and return on equity of 14 percent over the cycle.
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