BERN: Swiss Re, Europe’s second-biggest reinsurer, fell the most since April in Zurich trading after earnings missed analysts’ estimates on lower profitability at its property and casualty unit.
The shares declined 2.9 percent at 10 a.m., crimping gains this year to 2.7 percent. The Bloomberg Europe 500 Insurance Index has climbed 13 percent in the period.
The company reported second-quarter net income of $820 million on Thursday, below the $834 million average estimate of eleven analysts compiled by Bloomberg. Profit was $802 million a year earlier, it said in a statement.
“The disappointment is on the property and casualty side,” said Daniel Bischof, an analyst at Baader Helvea in Zurich. “This is ultimately a reflection of the price environment that has been difficult in recent years.”
Swiss Re is among reinsurers that are seeking to maintain returns for sh