Swiss Re bests consensus as core underwriting weakens

Swiss Re reported third quarter net income of $1.18bn, down 16.1
percent year-on-year, as underwriting profits in its P&C
operations fell sharply.
However, the global reinsurer's result was 22 percent ahead
of consensus, as analysts modelled for weaker headline underwriting
performance and were surprised by realised investment gains.
The P&C combined ratio was 10.2 percentage points weaker at
87.9 percent, as the loss ratio took on 8.9 points to reach 57.4
percent and the expense ratio t