In the third quarter of 2011 SWISS Re reports a net income of USD 1.3 billion, representing a 118% increase, compared to the same period of previous year. "All segments contributed to these results, which were supported by a moderate natural catastrophe experience and positive one-offs. Return on equity was 20.5% (compared to 9.5% in the prior-year period), ensuring Swiss Re remains well on track to achieving its 2011- 2015 financial targets", the reinsurance group said in the press release.

"Third-quarter Group results were excellent with a positive contribution from all segments. Our underlying earnings power is very strong and our conservative asset management approach is proving to be appropriate in these times of heightened financial market volatility", says Stefan LIPPE, SWISS Re's Chief Executive Officer.

Property & Casualty reported an operating income of USD 1.0 billion (USD 1.1 billion in 2010), this result being based "on a very strong underlying performance, further reserve releases and a better-than-expected natural catastrophe experience in the quarter". At the same time, the combined ratio increased to 80.8%, while premiums earned increased by 18.0% or 13.1% at constant foreign exchange rates, "reflecting successful renewals and new business written during 2011, particularly in Asia", according to the press release.

Operating income in Life & Health rose by 21.8% to a solid level of USD 145 million. The benefit ratio improved to 83.6%, while premiums and fee income increased by 6.8% or 1.7% at constant foreign exchange rates. "The increase was largely due to growth in the Asia traditional life and health businesses and the Americas traditional life business", group communicated.

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