Swiss Re chief executive John Coomber said the company was on course to deliver strong results for 2004, as the company reported its first half results.
In addition the company said Jacques Aigrain will succeed Rudolf Kellenberger as deputy chief executive officer, with effect from 1 January 2005.
Aigrain will combine his new role with his existing responsibilities as head of the financial services business group, said the board.
The reinsurer said its net income doubled to CHF1.4bn during the first half of 2004, up from CHF691m in the first half of 2003.
But total earned premiums fell by 2% to CHF14.1bn. the company said the fall was the result of its selective underwriting and focus on profitability.
For the group's property and casualty business, operating income grew 79% to CHF1.5bn, with the combined ratio improving to 96.1%. Premiums declined
Premiums earned declined 4% to CHF 7.5 billion due to fewer non-traditional transactions, said Swiss Re.
For its life and health business group operating income increased 34% in first half 2004 to CHF633m. Premiums were stable at CHF5.0bn.
Financial Services Business Group contributed operating income of CHF359m for the first half 2004, an increase of 32% over 2003. Premiums grew 2% to CHF1.6bn, said Swiss Re.
The reinsurer said it remained optimistic about market fundamentals. “While the investment performance of the first half year may not be repeated in the second half, Swiss Re continues to expect good results for the full year 2004.”
