Swiss Re says its Australian life and health business recorded $US1.1 billion ($1.5 billion) of gross written premium last year.

This has helped the reinsurer turn around its global life and health operation, with net income rising to $US939 million ($1.3 billion) from a $US462 million ($648 million) loss in 2014.

Swiss Re Group CEO Michel Liès says the stronger result follows management actions in 2014 to address pre-2004 US life business.

“At constant exchange rates, premiums earned and fee income were 6% higher last year, benefitting from new longevity deals in Europe and large transactions in Australia.”

Premium income was $US10.9 billion ($15.3 billion) last year, down 2.7%.

Total revenue, with net investment income of $US42 million ($59 million), was flat at $US12.6 billion ($17.6 billion).

Claims fell to $US8.2 billion ($11.5 billion) from $US9.1 billion ($12.7 billion).

Total expenses, including $US1.9 billion ($2.6 billion) of acquisition costs, were $US11.5 billion ($16.1 billion), down from $US13.1 billion ($18.3 billion).

Swiss Re also improved the operating margin for its life and health business to 9.9% from 2.6%.

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