Net income of $US1.1 billion ($1.65 billion) in the first quarter has reinforced Swiss Re’s earnings guidance.

CEO Christian Mumenthaler says the strong result and a favourable market environment “underpin our confidence” in meeting forecast annual net income of more than $US3.6 billion ($5.4 billion).

“Swiss Re had a good start to the year, with all our main businesses posting strong results,” he said.

The results have been reported under accounting standard IFRS 17 for the first time and are not comparable to a year earlier.

First-quarter revenue was $US11.7 billion ($17.56 billion) while the property and casualty reinsurance division posted net income of $US552 million ($828.74 million), with a combined operating ratio of 84.7%.

P&C reinsurance April renewals secured price increases of 12%. Treaty premium volume of $US2.5 billion ($3.75 billion) was a 6% increase from business up for renewal.

Large natural catastrophe losses of $US66 million ($99 million) were mainly driven by the Noto earthquake in Japan in January, and Mr Mumenthaler says the cost of the collapse of the Francis Scott Key Bridge in Baltimore in March has been pencilled in at $US100 million ($149 million), but “it’s important to note that there’s high uncertainty around this number at this stage”.

Meanwhile, Swiss Re says CEO for global clients and solutions Moses Ojeisekhoba is leaving the group on August 31 after 12 years, and businesses within his unit will be reassigned to other areas.

Mr Mumenthaler thanked Mr Ojeisekhoba for “his exceptional leadership, dedication and commitment”. 

Ivan Gonzalez has been appointed CEO for corporate solutions, effective from July, succeeding Andreas Berger. Mr Gonzalez, currently CEO for reinsurance in China, will move from Beijing to Zurich and join the group executive committee.

“He brings a global mindset, unique international experience – having worked in Beijing, Singapore, New York, Sao Paulo and Zurich – and proven leadership capabilities to the role,” Mr Mumenthaler said.