Swiss Re reports surge in net income
Global reinsurer Swiss Re has reported a 31 per cent rise in its net income for 2015 to U$4.6 billion. The firm says that $938 million of the total came in the fourth quarter.
Premiums earned and fee income for the Group totalled $30.2 billion for 2015, compared to $31.3 billion for 2014, mainly reflecting unfavorable foreign exchange rate movements. At constant exchange rates, premiums and fees increased by 4 per cent.
Swiss Re’s life and health unit saw significant growth with net income of $939 for the whole of 2015 compared to a $462 million loss in 2014. P&C was hit by price softening and a higher man-made loss burden. Net income was down to $3 billion (from $3.6bn).
Another insurance chief detained by China
The chairman of major Chinese insurance firm has been detained by authorities investigating alleged corruption. Zhang Jun is the chair of Fude Insurance and is assisting authorities on a “personal matter” the company said. It stressed that Fude Insurance is not under investigation. Caixin.com says that it is believed that the matter is linked to an investigation into a provincial governor. Last year Fosun Insurance chief Guo Guangchang was detained by Chinese authorities investigating as part of its crackdown on alleged corruption.
Leadership changes at Aon to enhance global brokering capabilities
Global risk management firm Aon has announced some leadership changes to enhance its global brokering capabilities. Warren Mula assumes the newly created global role of president of Aon Risk Solutions; Tom Fitzgerald becomes chief executive officer of Aon Broking, having previously led the Aon Risk Solutions U.S. Retail business as chief executive officer; two veteran executives will lead the Aon Risk Solutions U.S. Retail business - Lori Goltermann as chief executive officer and Steve Keogh as president; Will Sneden becomes U.S. Health and Benefits Practice leader.
