Swiss Re’s first-quarter earnings slipped 11% as property and casualty income offset a fall in profit from the life and health division.

Group CEO Michel Liès says the group is on track to meet its 2015 financial targets.

Net income fell to $US1.23 billion ($1.32 billion) from $US1.38 billion ($1.48 billion) in the corresponding period last year.

Premium and fee income increased 11% to $US7.6 billion ($8.14 billion).

Property and casualty net income grew 7.9% to $US1 billion ($1.07 billion), driven by a strong underwriting result including reserve releases, plus realised gains on investments. 

Swiss Re has also reported a “benign natural catastrophe experience”.

The combined operating ratio deteriorated to 78.8% from 69.7%, “reflecting a higher impact of man-made losses and lower reserve releases”.

Commercial insurance profits fell to $US80 million ($85.6 million) from $US101 million ($108.1 million) on “higher man-made losses”, but premiums grew 35.4% across most business lines.

Life and health reinsurance earnings fell to $US51 million ($54.6 million) from $US222 million ($237.7 million), due to a loss on an interest rate hedge. 

Premiums earned and fee income grew 15.5% to $US2.7 billion ($2.89 billion), reflecting “significant new business” from Asia and Europe.