Swiss Re Group relied on the strong performance of its reinsurance business units to weather losses from natural and man-made catastrophes and achieve “profitable growth in a challenging market environment.” However, that wasn’t enough to stop the firm from shelving share buyback plans.
The reinsurance giant revealed a group net income of US$1.3 billion for the first nine months of 2019 – an increase of 23% from US$1.1 billion for the same period a year earlier. However, the Zurich-based company highlighted losses from Typhoon Faxai in Japan and Hurricane Dorian in the Atlantic alongside claims relating to the Ethiopian Airlines crash, the liquidation of Thomas Cook and the grounding of the Boeing 737 MAX as reasons why it has dropped a second tranche of share buybacks.
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