Swiss Re, the world's second-largest reinsurer, posted a forecast-beating 17 percent rise in net profit in the first quarter on Thursday, helped by strong investment returns, and said reinsurance rates remained attractive.
Swiss Re and other reinsurers help insurance companies cover the cost of major damage claims, such as for hurricanes or earthquakes, in exchange for part of the premiums their insurance company clients pay.
Pension funds and other specialised investors have been pouring money into the reinsurance business, competing with traditional reinsurers like Munich Re and Swiss Re, and putting pressure on prices.
But Swiss Re said the April policy renewal season had shown that despite a softening in property catastrophe rates, prices overall were attractive.
"The first quarter has seen all business units deliver a very good start to the year," Chief Financial Officer David Cole said in a statement.
"We've also been able to achieve a strong investment result despite ongoing low interest rates amid an environment of financial repression."