Record Swiss Re numbers fund GE buyout and buybacks
Swiss Re has reported net income of CHF4.6bn ($3.77bn)aided by a P&C combined ratio of 90.4% which resulted in a return on equity of 16.3%. The world number one reinsurer also unveiled capital management plans that will see it buy back GE’s remaining stake in the company as part of a buyback plan to cancel shares to a value totalling CHF 6bn ($4.92bn) over the next three years.
Jacques Aigrain, Swiss Re’s Chief Executive Officer said:
“2006 is a significant step in Swiss Re’s path to sustained growth in earnings and demonstrates our commitment to superior returns. With net
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