Global reinsurance company Swiss Re has posted a net profit of $4.4bn during the year 2013, comparable to $4.2bn during the comparable period last fiscal.
The result was driven by sustained, high profitability in Property and Casualty Reinsurance and very good performances by Corporate Solutions and Admin Re, according the company.
For the year ended on 31 December 2013, its premium and fee income rose by 13% to $28.8bn, compared to $25.4bn, during the corresponding period earlier year.
Swiss Re group CEO Michel Liès said, "All Business Units contributed to this excellent result, with a particularly strong performance from P&C Re and continued profitable growth from Corporate Solutions.
"We are very happy that we have achieved so much in financial terms in our anniversary year and, while we are well aware of the challenges ahead, we look forward to 2014 with confidence."
P&C Re net income rose to $3.3bn for the year 2013, against $3bn a year ago, backed by a combination of a strong underwriting result as well as favorable prior-year reserve development, among others.
L&H Re delivered a net income of $356m for 2013 versus $739m, due to reserve strengthening of $369m for group disability business in Australia and the impact of business recaptured in the first quarter.
Admin Re posted a net income of $423m for the full year of 2013, compared to $183m during the same period last financial year.