The travails of the past few years now safely behind it, and the rest of the reinsurance industry, Zurich-based Swiss Re has capitalised on the recovering investment markets and low claims environment to double its net income to $US1 billion for the first half of 2004.

CEO John Coomber is positive the company will continue to produce good results for the rest of he year. “Swiss Re is on track to deliver strong results in 2004.”

Shareholder equity increased to $US15.15 billion from $US14.4 billion at the end of 2003. Net earned premium declined 2% to $US11 billion.

Most of the company’s divisions operated well. Property and casualty business grew 79% to $US1.17 billion, the life and health division’s operating income rose 34% to $US494.4 million and financial services had operating income of $US280 million.