Swiss Re reports 54% revenue increase in Q1 over 2006-Q1

Swiss Re has increased its earnings by 54% in Q1-2007 over Q1-2006. The company has reported earnings of CHF1.3 billion (approximately Cdn $1.18 billion).
Swiss Re had a good start to 2007, Jacques Aigrain, CEO for Swiss Re, said in a press release.
All our business segments contributed to Swiss Res solid performance, which also benefited from the contributions of former Insurance Solutions units and a strong investment result.
Premiums earned in property & casualty increased by 18% despite a European winter storm.
The Insurance Solutions acquisition played a large part in the companys increase in earnings by 23% to CHF8.1 billion (approximately Cdn$7.5 billion).
The companys return on investment increased by 0.5 to 5.9%, while net realized investments gains increased to CHF445 million (Cdn$403.64 million).
Swiss Re will continue to build on its leading position in the rapidly-growing area of insurance risk transfer to capital markets and continue to seek further opportunities to put its capital to work at attractive rates through Admin Re transactions, the company reported.
Swiss Re maintains its targets of earnings per share growth of 10% and return on equity of 13% over the cycle.