Swiss Re swings to bigger-than-expected net profit in quarter

FRANKFURT (Reuters) -Reinsurance company Swiss Re said on Thursday that it swung to a net profit in the first quarter that was bigger than analysts had expected and was helped by higher prices and improved investment results.

The period marks a recovery from a year earlier, which was damped by losses related to the war in Ukraine, jittery markets and the lingering pandemic.

Net profit of $643 million in the period compares with a loss of $248 million a year earlier. Analysts had expected a profit of $606 million, according to a consensus forecast.

"The first-quarter results demonstrate the resilience of all our main businesses," said Chief Executive Officer Christian Mumenthaler.

Reinsurance renewals for the property and casualty division saw a 19% increase in prices, while the company's return on investments was 2.8%, up from 0.7% a year earlier.

(Reporting by Tom Sims and Oliver Hirt, editing by Kirsti Knolle and Maria Sheahan)