Swiss Re recovers in first quarter figures

Swiss Re has enjoyed a turnaround, reporting a profitable first quarter after suffering a loss in the same three-month span in 2022.

The reinsurance giant attributed the increase in P&C Re’s net income to strong pricing improvements and higher investment results, while L&H Re’s result benefited from a sharp decline in COVID-19 claims and higher income from investment.

For Corporate Solutions, the segment’s higher net income was due to continued disciplined underwriting, careful risk selection and appropriate pricing.

“The first quarter results demonstrate the resilience of all of our core businesses, supported by appropriate pricing, higher investment returns and cost discipline,” Group Chief Executive Christian Mumenthaler said.

“In an uncertain macroeconomic environment, we remain focused on achieving our ambitious profit target of over $3 billion for the group by 2023. Successful renewals at P&C Re so far this year and a strong start at L&H Re and Corporate Solutions support our confidence, supported by rising interest rates, cost discipline and a very strong capital position.”

In addition, Swiss Re has successfully transitioned to a new structure to create what the CEO called a “simpler and more agile” organization.