Swiss Re cruises tough environment

Swiss Re has delivered its 2016 performance with full-year net income of USD3.6 billion, supported by solid underwriting and a strong investment result, according to a statement.

Net income in P&C Re was USD2.1 billion in 2016, despite higher large losses from natural catastrophes, including Canada wildfires, the earthquake in New Zealand, and Hurricane Matthew. L&H Re reported a net income of USD807 million, with return on equity exceeding the Business Unit’s target range.

Corporate Solutions net income was USD135 million, impacted by continued pricing pressure and large man-made losses. Net income in Life Capital was USD638 million, mainly driven by favourable investment performance.

Swiss Re Group chief executive officer, Christian Mumenthaler, said: “We report a good net income for 2016, despite navigating a difficult environment for quite some time now. Amid softening market conditions, we saw minimal global economic growth and continued low interest rates last year, on top of significant political developments.”