Zurich-based Converium Holding AG reported strong first half results for the second quarter of 2007, with 2007 second quarter net income of $46 million, and $197 million for the first six months of the year, a 58 percent increase.
Other highlights included the following:
— a non-life combined ratio of 96.6 percent;
— Good total investment result of $178 million with an average total investment income yield of 5.5 percent in the first half of 2007.
— No direct or structured indirect fixed maturity securities exposure to the US subprime mortgage credit market confirms prudent asset management approach;
— Shareholders’ equity of $2.017 billion as of June 30, 2007, up $14 million compared with March 31, 2007
— Normalized return on equity (excluding release of tax valuation allowance) of 13.2 percent for the half year 2007, up 1.5 percentage points against the same period of 2006;
— Successful July non-life treaty renewals with 34 percent more renewable open market business written.
CEO Inga Beale commented: “In the first half year 2007 Converium has continued to perform strongly. Adjusting for the one-off release of the tax valuation allowance, we have achieved a return on equity of over 13 percent. The extremely satisfying July renewals results and the most recent set of figures testify to the strength and solidity of the company that is now part of the SCOR Group.”
Although Converium is presently a separate company, its merger with France’s SCOR Group is well underway (See IJ web site May 10, Aug. 9, 22).
The full report and additional comments may be obtained on the Company’s web site at: www.converium.com
Source: Converium
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