Swiss Re says its fourth-quarter net income dropped 19 percent due in part to $900 million in Superstorm Sandy losses, but the company managed to more than double income for the full year.
Group CEO Michel M. Lies says the company saw strong results in its P&C reinsurance business for the year, helped by favorable prior-year loss development, and strong performance in investments.
The company's Q4 net income dropped $188 million to $795 million, which includes a 5-percent drop in P&C reinsurance net income and an 85-percent drop in life and health reinsurance net income. Swiss Re did not release Q4 revenue numbers.
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