Swiss Re’s earnings increased last year after the property and casualty division benefited from lower than expected natural catastrophe costs and a solid investment result.

Net income rose 47% to $US4.8 billion ($6.7 billion) and the return on equity jumped to 19.6%.

The result exceeded the financial target and CEO Andreas Berger says the company has strengthened its resilience.

“Group net income reached the highest level in our history, reflecting disciplined underwriting, strong investment returns and low large-loss activity outside of the first quarter,” he said.

Property and casualty reinsurance net income grew to $US2.8 billion ($3.9 billion) from $US1.2 billion ($1.7 billion).

Large natural catastrophe claims amounted to $US813 million ($1.14 billion), mainly related to the Los Angeles wildfires and Hurricane Melissa, compared with a budgeted $US2 billion ($2.8 billion). Large man-made losses reached $US345 million ($485 million).

Swiss Re reported a 0.3% price increase in the January reinsurance renewals, with stable terms and conditions.

Net income from the Corporate Solutions insurance business rose to $US988 million ($1.39 billion) from $US829 million ($1.16 billion), as it was also buoyed by lower catastrophe claims.

The life and health reinsurance result fell to $US1.3 billion ($1.8 billion) from $US1.5 billion ($2.1 billion) due to impacts from a portfolio review.

Swiss Re says all parts of the iptiQ business have either been sold or will be placed into run-off in due course after the group announced in 2024 it would withdraw from the digital white-label platform.

The company is aiming for net income of $US4.5 billion ($6.3 billion) this year. P&C reinsurance and Corporate Solutions aim to maintain combined operating ratios of less than 85% and less than 91% respectively.