Swiss Re???s 2014 net income USD3.5 bn

Swiss Re delivered a full-year net income of USD3.5 billion for 2014, driven by strong underwriting performance and investment results.

L&H Re reported a full-year net loss of USD462 million, reflecting the impact from several previously announced management actions as well as the unwinding of an asset funding structure supporting a longevity transaction. These are expected to enhance future profitability.

Corporate Solutions generated profitable growth for the year. Admin Re reported gross cash generation of USD945 million, up 81.4 percent compared to 2013. Swiss Re's Group Chief Executive Officer, Michel M. Liès, says: "Through our disciplined underwriting approach and active differentiation, Swiss Re generated strong earnings despite the challenging industry environment. We also succeeded in serving our clients by providing knowledge, expertise and services beyond our core re/insurance capacity. Our performance, together with our capital position, supports the proposed significant capital distribution of around USD3.7 billion to our shareholders. In addition, we addressed issues in the underperforming areas. As a result, we are confident in our ability to reach our 2011–2015 financial targets."