Swiss Re delivers 17pc rise in Q1 2015 net income

Swiss Re reported Group net income of USD1.4 billion for the first quarter of 2015, a 17 percent increase from the previous year. Property & Casualty reinsurance again led the positive contributions from all business units. Life & Health reinsurance net income increased to USD277 million. Corporate Solutions continued to generate profitable growth with a net income of USD167 million. Despite the ongoing challenges from further declining interest rates and market uncertainty, Swiss Re delivered a strong return on investments of 3.9%. Swiss Re is on track to reach its 2011-2015 financial targets by the end of this year.

Michel M. Liès, Swiss Re's group chief executive officer, said: "The current market and interest rate environment continues to be very challenging. For that reason, I am all the more pleased to say that we have been able to further grow our business profitably and achieve strong results thanks to our client-centred, differentiated approach and diversified business model. In addition, the result shows our ability to manage our risk portfolios to better mitigate challenges and seize market opportunities."

The April treaty renewals saw Swiss Re increase the volume of renewed business by seven percent, with the majority of the growth stemming from High Growth Markets. The price quality overall remains attractive despite further softening in property catastrophe rates.