Swiss Re has reported “very strong” group net income of USD 1.4 billion for the first quarter of 2013, a 21 percent increase year-on-year.
A key driver of the successful quarter was strong underwriting performances across Swiss Re’s property and casualty reinsurance and corporate solutions businesses.
Property & Casualty Re net income increased by 53 percent, from USD 660 million to 1.0 billion. In addition to string underwriting results, reserve releases and lower than expected claims due to the absence of major man-made or natural catastrophes contributed well to the result.
Michel Liès, Swiss Re's group CEO, said: "We are starting our 150th anniversary year with a very strong first quarter result. It demonstrates we have the right strategy and structure in place to reach our 2011-2015 financial targets.”
George Quinn, Swiss Re's group chief financial officer, added: "The group portfolio is fundamentally in very good shape but we will continue to focus on areas of underperformance. We will not hesitate to take decisive action to further improve overall returns."
