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Swiss Re Q1 profit drops YOY on lower investment income

reportedfirst-quarter net income attributable to common shareholders of $1.23 billion,down from $1.44 billion a year ago, reflecting "solid" underwriting,the company said.

First-quarterEPS declined year over year to $3.35 from $3.83.

Grosspremiums written amounted to $11.40 billion, compared to $10.08 billion in thefirst quarter of 2015. Net premiums written increased to $10.87 billion from$9.68 billion.

Premiumsearned in the first quarter reached $7.81 billion, up on a yearly basis from$7.41 billion.

SwissRe booked a net investment result from unit-linked and with-profit business of$405 million, down year over year from $1.44 billion.

Claimsand claim adjustment expenses amounted to $2.87 billion, up from $2.44 billionin the first quarter of 2015. Return credited to policyholders cost Swiss Re$350 million, compared to $1.45 billion in the year-ago period.

ROEreached 14.6%, down year over year from 16.1%; the return on investmentsdropped to 3.7% from 3.9%.

Attributablenet income from Swiss Re's property and casualty reinsurance division droppedon a yearly basis to $587 million from $808 million. Net income from the lifeand health reinsurance division also decreased, to $244 million from $277million.

Netincome from corporate solutions more than halved to $80 million from $167million in the first quarter of 2015, while net income from the life capitalbusiness increased to $321 million from $206 million.

TheP&C division's combined ratio stood at 93.3% in the first quarter, comparedto 84.3% in the year-ago period.