Swiss Re posts Q1 net income of $1.2B, beats poll forecast

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.