Swiss Re Net Income Beats Estimates on Lower Catastrophe Claims

Swiss Re AG posted declining revenue and new business volumes on Thursday, adding to signs of a cyclical downturn in the insurance industry.

Swiss Re’s overall revenue fell 4% to $10 billion, largely due to lower revenues in its property & casualty reinsurance unit. The Zurich-based firm still posted better than expected profit for the first quarter at $1.5 billion, and higher investment income.