Swiss Re has briefed investors on plans to reduce debt, cut costs and grow its dividend.

At a strategy update last week it also confirmed its capital management priorities: growing regular dividend and allocating capital to support profitable business opportunities.

The reinsurer plans to reduce debt by more than $US4 billion ($4.3 billion) by 2016. It has also confirmed its commitment to delivering on its 2011-15 financial targets.

“Our strategy has produced excellent results and we continue to focus on performance and growth,” CEO Michel Liès told investors.

“Our financial performance going forward will also benefit from the capital management measures we are outlining today and continued rebalancing of our asset allocation.”

Swiss Re expects cost savings of $US250 million to $US300 million ($268 million to $322 million) by 2015, which will be redeployed to projects that offer attractive returns, such as shifting staff and resources to high-growth markets.

The company is “realistic” about growth rates in such markets, which include China, India, Indonesia, Mexico and Brazil.

It aims to reduce management expenses and improve efficiency.

CFO George Quinn says Swiss Re has used its capital strength “to rebalance our asset allocation”.

“A strong capital position allows us to continue our policy of deploying group capital to take advantage of profitable business growth opportunities, after having delivered on our first priority, which is paying an attractive, growing regular dividend to our investors.”

Swiss Re has also reviewed its life and health reinsurance business, which is mostly meeting profit expectations.

The individual US life portfolio written before 2004 is an exception; actions to improve profitability will reduce life and health reinsurance earnings next year by $US500 million ($546 million), the company says.

Long-term strategy will focus on opportunities presented by new distribution channels, research and development in areas such as big data for underwriting and raising demand for insurance and reinsurance in high-growth markets.

“I am confident we are well prepared for the opportunities and challenges beyond 2015,” Mr Liès said.