Page 12 - Insurance Times March 2017 Sample

International

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Swiss Re Corporate Solu- Swiss Re misses Q4 consensus, losses & pricing impact
tions appoints new Japan full-year result
country head Global reinsurance firm Swiss Re re- man-made losses and pricing pressure,

Swiss Re Corpo- ported its fourth-quarter and full-year and Life Capital units, due to
rate Solutions has 2016 results this morning and impacts unfavourable effects of rising interest
appointed Paul from large rates on an
Atkinson to the catastro- a c q u i r e d
position of coun- phe losses, portfolio,
try head Japan, man-made losses and the continued which dented the results.
effective immediately, subject to
regulatory approval. pressure from soft market pricing, all Net income for Q4 across the reinsur-
impacted the figures. ance group was $517 million, down
He will succeed Juerg Stoll, who has
held the role since 2010 and is ap- For Q4 2016 Swiss Re experienced a significantly from $938 million in the
pointed country head Malaysia. loss in its Corporate Solutions, due to prior year.
Atkinson brings with him extensive Munich Re Life partners with SafeBeyond in US for
commercial insurance experience, ac-
cumulated in Hong Kong, Japan, Lon- expansion
don and Taiwan.
Munich Re US (Life) has expanded its provides meaningful protection and
Munich Re hikes dividend partnership with SafeBeyond, a cloud- peace of mind, but it is a real game-
based digital asset and legacy man- changer for insurers looking at ways
despite drop in profit agement platform, to offer its online to make their products stand-out by
Germany's Munich Re said earnings identity delivering
fell in the final quarter of 2016 be- m a n - a very hu-
cause of higher costs for storms and a g e - man, very
earthquakes and a slightly lower in- ment so- personal-
vestment result. Still, the world's big- lution to ized cus-
gest reinsurer said it was able to pay life insurers in the US. tomer experience." Moran Zur, CEO
a higher dividend, raising it to EUR of SafeBeyond, commented, "We are
8.60 a share from EUR 8.25 in 2015. The reinsurer first teamed with thrilled to be working with Munich Re
SafeBeyond in 2016 for the Canadian
Quarterly net profit fell to about EUR market. in the US and Canada. By combining
500 million ($540 million) from EUR Munich Re's deep understanding of
731 million, on revenue of EUR 12.1 Michael Taht, senior vice president, the market with SafeBeyond's vision of
billion and an investment result of EUR individual reinsurance, Munich Re US offering insurance companies innova-
1.6 billion. Profit was roughly in line (Life), said, "Driving innovation is a tive tools to improve customer en-
with the EUR 554 million that was central tenant of our global strategy. gagement, we can identify many ex-
forecast by a Wall Street Journal poll. The SafeBeyond platform not only citing new opportunities."
12 The Insurance Times, March 2017

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