The world's biggest reinsurer Swiss Re has reported strong performance over this year's renewal period, reporting a 7% improvement in economic profit and premium growth to CHF9.3 billion ($7.1 billion).
The company acknowledged that its January renewals for traditional treaty business are dominated by the European portfolio and that overall premium for this sector remained unchanged with an overall premium volume of CHF8 billion.
Swiss Re attributed growth in its large corporate risks business and its credit and surety business by 14% and 12% respectively, to attractive opportunities and a robust credit environment. Total premiums written for these portfolios reached CHF1.3 billion.
Though the company saw property and specialty lines growing 6%, its liability and motor lines were cut 10%.
Michel Lies, head of client markets, said: Clients value Swiss Re’s superior financial strength, enabling us to improve the quality of our portfolio and to further consolidate our market position during this renewal season.