Swiss Re earnings grew 5.8% to $US4.4 billion ($4.9 billion) last year, aided by low natural catastrophe losses and reserve releases.

Increased profits in the property and casualty business, as well as corporate solutions, offset lower earnings in the life and health division.

Overall premium and fee income increased 13% to $US28.8 billion ($32.04 billion), while the combined operating ratio deteriorated to 85.3% last year from 83.1% in 2012.

Property and casualty net income grew to $US3.3 billion ($3.67 billion) from $US3 billion ($3.34 billion) as the expiry of a quota share agreement and new business in the Americas drove a 17.9% rise in net earned premium.

Life and health earnings dropped to $US356 million ($396.01 million) from $US739 million ($822.23 million) due to reserve strengthening of $US369 million ($410.56 million) for the group disability business in Australia.

Swiss Re says overall risk-adjusted prices fell 3.6% at this year’s January renewals, while business volume fell 6%.

“The next major renewal dates are in April and July, when Swiss Re expects less margin erosion in natural catastrophe business than experienced in January and stable rates in casualty lines,” it said.

Meanwhile, the company has appointed current Chief Risk Officer David Cole as CFO, effective from May 1.

Mr Cole joined Swiss Re in November 2010, having previously served as CFO and CRO at Netherlands-based banking group ABN Amro.