Swiss Re reports 118% rise in net income

The reinsurer reported a net income of US$1.3bn, compared to US$0.6bn the same time last year. It said operating income in its Life & Health division rose by 21.8% to US$145 million (vs US$119 million). The benefit ratio improved to 83.6%. Premiums and fee income increased by 6.8% or 1.7% at constant foreign exchange rates. The increase was largely due to growth in the Asia traditional life and health businesses and the Americas traditional life business. Swiss Re said all segments contributed, helped by "a moderate natural catastrophe experience and positive one-offs". Property...