The reinsurer says group net income for the first quarter amounts to USD 429 million, with its Life & Health division performing strongly (a record USD 328 million, with 19.6% ROE) and Property & Casualty affected by large losses (its net income amounted to USD 13 million, with 0.6% ROE). However, it also noted strong April P&C reinsurance renewals, supported by improved pricing, particularly in Japan. Corporate Solutions posted a net loss of USD 55 million, while Life Capital reported gross cash generation of USD 300 million.
Net premiums earned increased by 5.5% to USD 8.8 billion, reflecting growth across all business units. ROI increased to 4.5% from 2.2% in the first quarter of 2018. The Group ROE was 5.9%.
The first tranche of its public share buy-back programme of up to CHF 1 billion purchase value will be launched on 6 May 2019.