WASHINGTON (dpa-AFX) - Reinsurer Swiss Re Ltd. (SSREY.PK) reported Friday higher profit in its first-quarter, despite weak results in Property & Casualty Reinsurance or P&C Re segment hit by large claims from natural catastrophes and man-made events. Insurance revenue was lower than last year.
Lokking ahead, Swiss Re's Group Chief Executive Officer Andreas Berger said, 'With a turbulent start to the year, we remain vigilant and focused on maintaining our strong foundations. Thanks to the decisive actions we took in 2024, all our businesses are well-positioned and have delivered a robust performance in the first quarter. Alongside our continued focus on cost discipline and efficiency, this gives us confidence in our 2025 targets despite a challenging environment.'
In the first quarter, Swiss Re's net income grew 16 percent to $1.28 billion from last year's $1.10 billion.
The result was driven by resilient underwriting results across the Group's businesses and supported by healthy investment returns and a favourable tax rate.
Property & Casualty Reinsurance or P&C Re net income dropped to $527 million from last year's $555 million. Swiss Re said the first-quarter of 2025 was marked by significant large loss events in property and casualty businesses.
However, net income increased in both Corporate Solutions and Life & Health Reinsurance or L&H Re segments.
Consolidated insurance revenue, meanwhile, dropped to $10.41 billion from prior year's $11.68 billion, primarily driven by non-recurring IFRS transition effects and the termination of an external retrocession transaction in L&H Re. Both of these had a positive effect on the prior-year period.
The insurance service result, which reflects the profitability of underwriting activity, was $1.27 billion, compared with $1.35 billion in the first quarter of 2024.
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