Swiss Re posted a stronger first‑quarter profit, driven by milder catastrophe losses and solid investment returns. Net profit rose to $1.51 billion, up from $1.275 billion a year earlier and beating the consensus estimate of $1.19 billion. The Zurich‑based reinsurer said every business line contributed, with property‑and‑casualty and life‑and‑health units both showing improvement. The profit surge also lifted earnings per share, reinforcing the insurer’s dividend outlook.

Insurance revenue slipped 4% to $10.03 billion, reflecting slower premium growth amid a competitive market. The drop stemmed largely from reduced underwriting activity, while the property‑and‑casualty segment benefited from fewer large‑scale natural disasters. In the United States, life‑and‑health underwriting gained from favorable mortality trends that lifted pricing power. The segment’s performance helped offset the revenue dip.

Analysts see the earnings beat as a reminder that reinsurers can offset underwriting softness with investment income and favorable loss experience. Swiss Re’s results may prompt investors to reassess valuation gaps versus peers, as the firm demonstrates resilience despite a contracting premium base. The company now carries a stronger balance sheet heading into the second half. Management signaled no immediate policy shift.