Swiss reinsurer Swiss Re on Thursday reported higher profit in the first quarter, despite weak insurance revenues.
The company attributed the profit growth to increased contributions from all Business Units, supported by low natural catastrophe experience and a strong investment contribution.
In the first quarter, Swiss Re delivered a net income of $1.51 billion, an increase of 19% from last year's $1.28 billion.
The P&C Re division delivered a net income of $754 million, up 43% year-over-year. Corporate Solutions' net income grew 26%, and L&H Re net income increased 12%.
The insurance service result, which reflects the underwriting profit earned in the period, climbed 30% to $1.65 billion from $1.27 billion last year.
Insurance revenue for the group amounted to $10.034 billion, down 4% from $10.405 billion for the same period in 2025. Lower revenues in P&C Re represent the main driver of the reduction.
In addition, the company's ongoing withdrawal from its iptiQ business contributed. This was partly offset by favourable foreign exchange movements.
Swiss Re chief executive officer Andreas Berger said: "Swiss Re delivered strong earnings in the first quarter, putting us on a good path towards our 2026 financial targets."
"Against an uncertain macroeconomic backdrop and an increasingly challenging market environment, our P&C businesses continue to prioritize disciplined underwriting," Berger said. "We expect L&H Re to make a growing contribution to balance the group's overall performance going forward. At the same time, we are firmly focused on cost efficiency."
