August 6, 2014 / 5:22 AM / 3 years ago

Swiss Re sees prices falling further in insurance industry

ZURICH, Aug 6 (Reuters) - Swiss Re, the world’s second largest reinsurer, posted a lower-than-expected rise in second-quarter net profit to $802 million for the second quarter, and said it saw prices in the insurance industry weakening further.

“We see the insurance market generally softening,” Chief Executive Michel Lies said in a statement.

The Zurich-based firm was forecast to report quarterly net profit of $897 million, according to the average of six estimates in a Reuters poll of banks and brokerages. (Reporting by Alice Baghdjian)

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