Swiss Re Ltd. has posted net income of $1.23 billion for the first quarter of 2014, a decrease of 10.9% from the comparable quarter in 2013, the reinsurer said Wednesday.
Swiss Re said its property/casualty reinsurance arm posted net income of $1.00 billion for the first quarter of 2014, down slightly from $1.01 billion posted in the first quarter of 2013.
It said its property/casualty reinsurance combined ratio was 78.8% for the first quarter of 2014, compared with 69.7% for the first quarter of 2013.
The reinsurer’s corporate solutions unit, which serves large primary insurance buyers, posted net income of $80 million for the first quarter of 2014, down 20.8% from first quarter of 2013, Swiss Re said.
The corporate solutions unit posted a combined ratio of 95.2% for the first quarter of 2014, compared with 87.6% for the first quarter of 2013.
“I am pleased with the first-quarter performance of our group,” Michel M. Liès, group CEO of Swiss Re, said in a statement. “P&C Re had another remarkable quarter,” he said.
Swiss Re also announced the appointment of Patrick Raaflaub as group chief risk officer.
Mr. Raaflaub, who most recently was CEO of Switzerland’s financial services regulator, will take up the post on Sept. 1.
He replaces David Cole, who became group chief financial officer of the company this month following the departure of George Quinn.