Swiss reinsurance company Swiss Re on Thursday reported a net income of $1.1 billion or $3.76 per share for the first quarter of 2024.
Insurance revenue for the period from January to March was $11.7 billion, the company said.
As the company reported results based on the International Financial Reporting Standards or IFRS for the first time, the result is not comparable to the same period in 2023, Swiss Re said in a statement.
Swiss Re's chief executive Christian Mumenthaler said that the strong earnings in the first quarter have given the company a positive start to the year as it continues to focus on 2024 targets, including a net income of more than $3.6 billion.
Swiss Re said it plans to withdraw from the iptiQ digital insurance business and will consider options for the different entities in a manner and timeframe that maximizes value for the group.
In a separate press release, Swiss Re said that Ivan Gonzalez, chief executive at Reinsurance China, has been appointed chief executive Corporate Solutions, succeeding Andreas Berger as of July 1. He will join the group executive committee at the same time.
Gonzalez is currently the chief executive at Reinsurance China and China Country President, responsible for both Property & Casualty and Life & Health businesses in the country. Before that, he led the Corporate Solutions Business Unit in the Americas, managing North America from 2017 until 2021, and Latin America from 2011 until 2016.
Moses Ojeisekhoba, chief executive Global Clients and Solutions, will step down from his position on August 31 and pursue opportunities outside of Swiss Re.