Swiss Re says its 2013 first-quarter net income climbed to $1.4 billion, compared to $1.1 billion for the same period a year ago, with improvements in the group's property and casualty reinsurance business acting as a key driver for the results.
P&C Re net income was up by 53 percent to $1 billion in the quarter, compared to $660 million a year ago. Swiss Re says strong underwriting results, reserve releases and lower-than-expected claims drove the increase. The P&C Re combined ratio improved to 69.7 compared to 85 in 2012's first quarter. Premiums earned in this segment increased to $3.5 billion in Q1 2013 compared to $3.1 billion the year before.
Swiss Re's consolidated group combined ratio fell to 72.4 in the quarter compared to 84.9 a year ago.
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