Swiss Re swings to bigger-than-expected first-quarter profit

(Reuters) – Reinsurer Swiss Re Ltd. on Thursday said it swung to a first-quarter net profit that was bigger than analysts had expected, helped by higher prices and improved investment results.

The period marks a recovery from a year earlier, which was damped by losses related to the war in Ukraine, jittery markets and the lingering pandemic.

Net profit of $643 million in the period compares with a loss of $248 million in the year-earlier period. Analysts had expected a profit of $606 million, according to a consensus forecast.

“The first-quarter results demonstrate the resilience of all our main businesses,” said CEO Christian Mumenthaler. 

Reinsurance renewals for the property and casualty division saw a 19% increase in prices, while the company’s return on investments was 2.8%, up from 0.7% in the year-earlier period.