Swiss Re Net Profit Gets Boost From Lower Natural-Catastrophe Losses
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Swiss Re reported a first-quarter net profit of $1.51 billion, up from $1.275 billion a year earlier, exceeding analysts' expectations of $1.19 billion. The increase was attributed to lower natural-catastrophe losses and strong investment performance. However, insurance revenue fell 4% to $10.03 billion, and premium volumes renewed on April 1 declined by 8% due to a challenging pricing environment. The company is also setting aside reserves for potential inflationary impacts from the Middle East conflict, according to CFO Anders Malmstroem.
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