- Home
- ILSTV Stories
- Swiss Re reports 2009 Q3 results
Swiss Re reports 2009 Q3 results
- By ILS corp
- Published 11/17/2009
- ILSTV Stories
-
Rating:
Stefan Lippe, Swiss Re’s Chief Executive Officer, said: “During the third quarter of 2009, we continued to improve Swiss Re’s financial flexibility through a combination of strong underlying performance in our core business and continued de-risking of the Legacy activities. During the first nine months of 2009, our excess capital at the AA level improved to over CHF 6 billion. Our excess capital is substantial and allows us to support our clients when they need us most.”
Significant increase in shareholders’ equitySwiss Re reported net income of CHF 334 million for the third quarter of 2009, compared to a loss of CHF 304 million in the same period of the previous year. Net income was impacted by mark-to-market losses of CHF 706 million on the corporate bond hedges and by impairments of CHF 263 million, mainly in the securitized products portfolio. Earnings per share were CHF 0.97.
Shareholders’ equity increased by CHF 2.4 billion, compared to the second quarter of 2009, to CHF 26.2 billion at the end of September 2009. Net unrealized investment gains of CHF 2.8 billion, driven by mark-to-market valuation of securitized products, corporate and government bonds, were partially offset by unfavourable foreign exchange movements. Annualized return on equity was 6.1%, compared to –7.4% for the second quarter of 2009. Basic book value per common share increased by 11.4% to CHF 67.6, compared to CHF 60.7 at the end of the previous quarter. Swiss Re estimates that its excess capital at the AA level improved to more than CHF 6 billion at the end of September 2009.
Strong core business performance
Property & Casualty operating income increased to CHF 998 million in the third quarter of 2009, compared to CHF 685 million in the third quarter of 2008. The combined ratio improved to 84.5% (or 82.7% excluding unwind of discount), compared to 99.6% (97.4%) in the same period of the previous year. This excellent result is partly driven by low levels of natural catastrophes in the quarter, but it is also a testament to the success of Swiss Re’s continued disciplined underwriting.
Life & Health reported an operating income of CHF 388 million in the third quarter of 2009, compared to an operating loss of CHF 79 million in the prior year period. The benefit ratio improved to 80.2% in the quarter under review, compared to 91.5% in the same quarter of 2008. This strong improvement primarily reflects the current year’s favourable mortality experience within the traditional life segment, as well as the favourable outcome of an arbitration matter related to a 2001 reinsurance agreement with Lincoln National.
Asset Management reported a return on investment of 1.6%, compared to 2.8% in the prior year period, reflecting the shift towards lower-risk and shorter duration assets, lower interest rates and the impact of mark-to-market losses on corporate bond hedges. These effects were more than offset by the improvement in the market value of the underlying assets reflected by the increase in shareholders’ equity. Total return on invested assets, which includes changes in unrealized gains or losses, was very strong at 14.3%, compared to –1.8% in the third quarter of 2008. Swiss Re has started to reduce its hedging programme and to increase its exposure to higher grade corporate credit.
Further significant progress in de-risking the Legacy portfolio
The Group significantly reduced its Financial Guarantee Re (FG Re) exposure with a further commutation of CHF 6.6 billion notional exposure during the third quarter of 2009. Since year end 2008, this marks a total reduction in the company’s notional exposure in FG Re of 68%. At the same time, the third quarter saw liquidity returning to markets for securitized assets, enabling Swiss Re to sell some securities from the former Structured CDS at a gain of CHF 221 million. Legacy generated an operating income of CHF 22 million for the third quarter of 2009.
Efficiency programme ahead of planNet savings after restructuring costs for 2009 are now expected to be in the range of CHF 150 to 200 million, well ahead of the original net target of CHF 100 million.
Spread The Word
6 Responses to "Swiss Re reports 2009 Q3 results " 
|
said this on 17 Mar 2012 10:44:47 PM EDT
I have no place to say whether or not any of the tusdent teacher are more or less experienced than the rest, no matter which quarter they are in. Some veteran teachers may think that past and present tusdent teachers are not of high-quality because elements of the teaching field have changed since they were in college. The education field has advanced drastically and I think that if veteran teachers just give tusdent teachers a chance to show what they can do, they might learn a thing or two. I believe that everyone has a different and unique way of teaching, not all of which may be effective, but we must live and learn to find out what techniques work and which ones do not. I do believe that not everyone in the education field are cut out to be teachers. Working with children is a gift. You really need to have the passion and dedication to work with children in any aspect of the education field. Veteran teachers will always have their opinions because they are set in their ways and have been teaching for a long time, but that does not mean that future teachers do not have the quality it takes to be a good teacher. In conclusion, I think that all tusdent teachers should be given the chance to show their stuff and what they can bring to the education field before they are judged because the dynamics of teaching are always changing.
|
Author/Admin)|
said this on 31 Mar 2012 4:37:47 AM EDT
Being a Fall student teacher, I have experience with first and second quarter teaching. Personally I feel that there are pros and cons to each, as there are with most things, but I also feel that my first quarter placement actually went smoother than my second in the area of classroom rules/procedures. With my first placement, I loved coming in on the very first day of school to meet all of the new students who were there to meet their new peers and new teachers. I wasn’t the only “new kid”. I got to learn all of the rules and routines and procedures right along with each of the students and having to gradually learn these patterns with the students was very helpful and reflected in my teaching.Entering a classroom 8 weeks into school, I miss out on all of that. There is no longer instruction on the rules and routines, the students have already formed their habits. It was up to me to pay attention to everything they did and how my cooperating teacher disciplined and dealt with different situations. I was the “new student” and felt that I may not have immediately come off as a “teacher” to them because I hadn’t been there all along like I was in my first placement.In my second placement I am completely comfortable being in front of a class and more comfortable with classroom management techniques which I can attribute to the experiences I gained in my previous placement and further practice in this placement. It did, however, take me longer to become adjusted to classroom procedure, and taking time to learn this took extra time away from planning and preparation for the classroom which could, in turn, take a toll on my teaching.
nexium order viagra online |
|
said this on 06 Apr 2012 2:40:22 AM EDT
I have no place to say whether or not any of the student teacher are more or less experienced than the rest, no matter which quarter they are in. Some veteran teachers may think that past and present student teachers are not of high-quality because elements of the teaching field have changed since they were in college. The education field has advanced drastically and I think that if veteran teachers just give student teachers a chance to show what they can do, they might learn a thing or two. I believe that everyone has a different and unique way of teaching, not all of which may be effective, but we must live and learn to find out what techniques work and which ones do not. I do believe that not everyone in the education field are cut out to be teachers. Working with children is a gift. You really need to have the passion and dedication to work with children in any aspect of the education field. Veteran teachers will always have their opinions because they are set in their ways and have been teaching for a long time, but that does not mean that future teachers do not have the quality it takes to be a good teacher. In conclusion, I think that all student teachers should be given the chance to show their stuff and what they can bring to the education field before they are judged because the dynamics of teaching are always changing.
car insurance auto insurance quotes |
|
said this on 11 Apr 2012 9:27:07 PM EDT
I would suspect that the second and fourth quarter student teachers are better than the first and third quarter students teachers simply becuase they have already had their first placement and they now know some of the things they can expect. My second quarter is going much better than my first if only because I had no clue what I was doing my first quarter. I still have no clue on somethings but the more common occurances, such as a student acting up or mistiming of lessons, have become easier to deal with. As for the teachers that think that both groups aren’t very good well they are right and they need to remember what it was like for them. This is my first time infront of a classroom. I HAVE NO CLUE WHAT I AM DOING YET. You don’t throw a 16 year old kid behind the wheel of a car by themselves and say “See you later.” First you have to teach them. So if the students teachers aren’t good or experienced then all is right with the world. Granted there should be some level of competancy esspecially when it comes to the second and fourth quarter student teachers. Another problem the veteran teachers may be seeing that a student teacher is trying a new style and they themselves are unfamiliar with and may see that as bad becuase as human beings we are uncomfortable with change.
car insurance auto insurance quotes |
|
said this on 18 Apr 2012 12:42:19 AM EDT
Student teachers are called âstudent teachersâ and not âveteran teachersâ for a reason. We are in a learning position as student teachers, and cooperating teachers and other teachers should know to have high standards for us, but also know that we will make mistakes along the way, as will anyone who is learning a new trade or a new job. It would be unreasonable for people to expect that student teachers will be perfect. In most cases, student teachers just are not as experienced as veteran teachers and have not been in front of the classroom as much. Of course, then, the student teachers will not be as âgoodâ as veteran teachers.Any new job requires some sort of hands on training, and student teaching is our hands-on experience. As one progresses in that hands-on experience, the quality of work will get better. Therefore, I can see that 2nd and 4th quarter student teachers are a little better at what they do because of that extra experience. Each student teacher should be ready to be in a classroom and teach, because whether in the Masterâs program or the Bachelorâs program, this is what we are being trained for. The most important learning that we do, however, is done in the classroom when we are in our âapprenticeshipâ.
car insurance auto insurance |