Swiss Re delivers strong Q1 group net income

Swiss Re reports a strong group net income of USD1.2 billion for the first quarter of 2014. All business units contributed to the result, led by another impressive contribution from the property & casualty reinsurance segment.

April renewals saw a volume increase of 14 percent, with prices still at attractive levels. Swiss Re remains on track to reach its 2011—2015 financial targets.

Swiss Re's group net income in the first quarter of 2014 was 11 percent lower than the exceptional result in the prior-year period (USD1.4 billion). Premium and fee income increased 11 percent to USD7.6 billion (vs USD 6.8 billion), through organic growth and the expiry of a major quota share agreement at the end of 2012.

The annualised return on investments increased to 3.7 percent in the first quarter of 2014. Operating income from investments was strong at USD1.1 billion.