August 3, 2018 / 5:30 AM / 11 days ago

Swiss Re says H1 profit down 17 pct on accounting changes

FRANKFURT, Aug 3 (Reuters) - Swiss Re on Friday posted a 17 percent fall in net profit in the first half of the year from a year earlier, saying that accounting changes were a drag on earnings.

Net profit was $1.0 billion during the period, down from $1.2 billion a year earlier. Swiss Re said that profit would have been flat if it weren’t for the changes in U.S. GAAP that affect the measurement of equity investments.

Eight analysts polled by Reuters had expected on average net profit of $1.13 billion. (Reporting by Tom Sims; Editing by Michael Shields)

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