A.M. Best Comments on Swiss Re Group's Results.OLDWICK, N.J. -- A.M. Best Co. has commented that the consolidated post-tax earnings of CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.5 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.2 billion) for 2004 reported by Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. are within A.M. Best expectations and, therefore, all ratings of Swiss Re Group (Swiss Re) companies remained unchanged. Despite Swiss Re's significant exposure to natural losses (CHF 1.2 billion, USD 1 billion) and strengthening of non-life reserves (CHF 948 million, USD 822 million), year-end 2004 consolidated profitability improved, partially helped by a CHF 241 million (USD 208 million) release of equalisation Noun 1. equalisation - the act of making equal or uniform equalization, leveling human action, human activity, act, deed - something that people do or cause to happen provisions. Prospectively, A.M Best continues to believes that Swiss Re's average profitability target of a 96% combined ratio for its property/casualty business over 2005 - 2006 and an average return on equity of 13% over the cycle are feasible targets, provided no adverse developments in US liability lines emerge. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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