Swiss Reinsurance Co. Ltd., known as Swiss Re, (SSREY.PK) Thursday reported a 21 percent increase in first-quarter net income, driven by strong underwriting performances across Swiss Re's Property & Casualty Reinsurance and Corporate Solutions businesses.
Consolidated net income increased to $1.380 billion from $1.141 billion in the prior year. Earnings per share rose to $4.02 from $3.33. Premiums earned and fee income climbed to $6.782 billion from $6.208 billion in the prior year, on organic growth, the expiry of a 20 percent quota share agreement with Berkshire Hathaway and comparatively low losses from man-made and natural catastrophes during the quarter.
Group return on equity was 16.6 percent compared to 15.3 percent last year. Swiss Re said the April treaty renewals - mainly focused on business in Asia - showed moderate growth and the price quality of the portfolio remained strong.
The renewals also showed a measured move into some casualty segment business lines and are a positive indicator for the upcoming July renewals, the company added.
Further, the company said that amid a weak growth outlook for 2013 and the continued low interest rate environment, it remains on track to deliver its 2011-2015 financial targets.
Kurt Karl, Swiss Re's Chief Economist, says: "Growth in the advanced economies will remain subdued and this is a challenge for our industry. High growth markets, however, remain a bright spot and many opportunities are intact. Re/insurance premiums in these economies will continue to be sustained by economic activity and increased penetration."
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