FRANKFURT (dpa-AFX) - Swiss Re Ltd. (SSREY.PK), a Swiss reinsurance company, on Thursday posted a turnaround to profit for the first-quarter as improved profitability in all main businesses absorbed large natural catastrophe losses and seasonally higher mortality in winter months.
For the three-month period, the company reported a net profit of $643 million, compared with a loss of $248 million, registered for the same period of 2022.
Net premiums earned and fee income for the Group increased by 4.1% to $11.1 billion in the first quarter, from previous year's $10.620 billion.
Looking ahead, Swiss Re's Group CEO Christian Mumenthaler said: 'In an uncertain macroeconomic environment, we continue to focus on achieving our ambitious profit target of more than $3 billion for the Group in 2023. The successful P&C Re renewals so far this year and a good start in L&H Re and Corporate Solutions underpin our confidence, supported by rising interest rates, cost discipline and a very strong capital position...'
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX