Swiss Re has confirmed its place at the top of the reinsurance pile with a net profit of $1.84 billion – a big improvement on last year’s $98.6 million loss.

This result compares with former market leader Munich Re’s $715 million loss reported last week – although that was due to a $3 billion bill from the German taxman.

With equity markets recovering strongly, Swiss Re Chairman John Coomber says the company is looking forward to even better results this year. Overall, premiums increased by 7% and prices increased by 4%.