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Swiss Re, the world's second-largest reinsurer, on Friday posted a smaller-than-expected drop in first-quarter net income and said price erosion for its property natural catastrophe business has slowed in its April renewals.
Net income of $1.2 billion was ahead of an average forecast for $986 million in a Reuters poll of eight analysts but lower than $1.4 billion a year earlier when numbers were boosted by healthy investment returns and low claims.
Philipp Schmidli | Bloomberg | Getty Images
Swiss Re's property and casualty combined ratio, a measure of underwriting profitability, was 93.3 percent, missing a Reuters poll average of 87.6 percent.
A figure below 100 percent indicates a profit.
