Swiss Re reports drop in net income for Q1

Swiss Re has reported a net profit of CHF150 million (Cdn$155 million) for 2009 Q1, as compared to CHF 600 million (Cdn$622 million) in 2008 Q1.
Annualized return on equity was 2.9% for the 2009 Q1 compared to 8.5% for the same period in 2008, the company notes.
The property and casualty business units posted a combined ratio of 90.2%, as compared to 96.4% in 2008 Q1.
“These positive results were driven by premium growth, excellent underwriting performance and favourable claims experience,” the company says.
Property and casualty premiums earned in the first quarter were CHF 3.8 billion (Cdn$3.9 billion) as compared to CHF 3.6 billion (Cdn$3.7 billion) in 2008 Q1. 
Robust January 2009 renewals supported the result, and confirmed the trend towards stronger prices in several major business lines, the company notes.
Investment income in the property and casualty business units remained stable at CHF 600 million, Swiss Re reported.
“This further reflects the trust that our clients place in our ability to provide innovative and sustainable (re)insurance solutions, and to meet the continued demand for significant solvency support,” Swiss Re writes in the release.