Swiss Re posts $1.1 billion profit in Q1

Swiss Re has reported a net income of $1.1 billion for the first quarter of 2012.

The result was driven by strong underwriting, good investment performance and lower than expected major natural catastrophe claims during the period.

Michel M. Liès, group chief executive officer of Swiss Re, said that the company has had a very strong result in the first quarter.

“This reflects our ability to perform and grow as prices rise and an excellent asset management result,” he said.

“But we also benefited from an absence of major claims from natural catastrophes. All Business Units contributed to this result. Going forward, we will now seek to reap the benefits of our cycle management, with a focus on profitable growth.”