Swiss Re has reported first-quarter net income of $US1.4 billion ($1.76 billion), up 17% on the corresponding period last year.

The global reinsurer’s strong result comes despite a challenging market and interest rate environment.

However, property and casualty (P&C) reinsurance net income fell 18% to $US808 million ($1.02 billion), with benign natural catastrophes and strong underwriting results offset by price softening.

The P&C combined operating ratio deteriorated to 84.4% from 79.2%.

Life and health net income soared to $US277 million ($349 million) from $US64 million ($81 million), driven by realised gains and positive foreign exchange developments.

CEO Michel Liès says there are “ample opportunities” despite the challenging environment, and Swiss Re is well placed to address significant underinsurance worldwide.