The Swiss reinsurer is in the black and has a positive outlook for the remainder of the year.
Swiss Re reported a group profit of $643 million and a return on equity (ROE) of 19.1 percent, more than reversing a $248 million loss in the first quarter of last year, financial results released on Thursday indicate.
The group's net written premiums and fee income rose 4.1 percent to $11.1 billion, which translated to a 7.5 percent gain using constant exchange rates.
Higher Profit Despite Major Losses
Property & Casualty Reinsurance (P&C Re) reported a quarterly profit of $369 million, compared with $85 million in the same period last year, despite large losses from natural catastrophes, notably earthquakes in Turkey and Syria, Cyclone Gabrielle and the floods in New Zealand.
L&H Re posted a profit of $174 million, compared with a loss of $230 million in the same period last year. The unit's bottom line benefited from a sharp decline in COVID-19 claims and higher investment income, according to Swiss Re.
«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, said CEO Christian Mumenthaler.
