Earnings per share for the second quarter were $1.48, an increase of $1.41 over the second quarter 2002. For the three months ended June 30, 2003, Converium reported a return on equity of 13.6 percent, an improvement of 12.9 percent from the second quarter of 2002.

Gross premiums written for the second quarter (for life and non-life business) came to $949 million, compared with $833 million for the same period in 2002. Net premiums written came to $899 million for the second quarter, compared with $793 million in 2002.

For non-life business, second-quarter gross premiums grew by 15.3 percent, or $121.9 million, to $916.4 million, compared with $794.5 million in the second quarter 2002. Net premiums written during the second quarter 2003 grew by 12.7 percent, or $96.6 million, to $856.9 million, compared with $760.3 million during the same period 2002.

Non-life combined ratio was 99.1 for the second quarter, compared to 99.9 in the same period last year.

The non-life combined ratio for the first half of 2003 was 98.7, an improvement of 2.3 percent from the first half of 2002. "This positive development is largely a reflection of improvements achieved during the important renewal seasons of January 1 and April," Converium said.

The company noted that the results reflect a shift in Converium's business mix, shown by strong growth in the Continental European markets, Converium said. "Much of this business was written on a proportional basis as many European insurers were faced with capital constraints due to the strain placed on their balance sheets by the melt-down of the European equity markets," the company explained.

Consequently, the company continued, Converium was able "to participate in the core business of many cedents at very advantageous terms."

Converium said it renewed 70 percent of the non-life premium volume that was renewable during the January, April and July renewal seasons, experiencing combined increases in rates and shares of 26 percent on the renewed business.

"The aggregate impact of improved rates, increased share and new business, offset by cancellations, resulted in premium growth of 18 percent of non-life premium volume that was renewable so far in 2003?," the company said.