Swiss Re has posted increased profits in its full year results for 2003. It said net income for the year had grown to SFr 1.7bn, with premiums up slightly to SFr 30.7bn.
Premium income for the property and casualty business rose 16% to SFr 17.4bn, although in original currencies the growth was 25%, said Swiss Re. The combined ratio for the business fell from 104% to 98.4%.
For the life and health business, however, premiums fell 9% to SFr 10.2bn. It said this reflected the continuing run-off in some health lines, declining interest rates and the first effects of the company's repricing actions.
The company said it was off to a good start in 2004, with renewals for traditional treaty business producing a 7% increase in premiums. It said it expected further improvements from the 2003 repricing actions in the property and casualty sector.
Swiss Re chief executive John Coomber said: “Swiss Re's 2003 results reflect good performance from all three business groups. Property and casualty lines in particular developed positively, reflecting favourable market conditions.
“We expect further improvements across the group in 2004.”
