A number of large primary insurers reported strong first quarter profits and relatively low combined ratios. AIG, Allianz and XL Group were all helped by lower than expected large losses in the quarter, adding further fuel to ongoing soft market conditions.
Germany’s two largest reinsurance groups have reported good first quarter profits, reflecting lower than expected large claims and reserve releases.
UK insurer RSA Insurance Group continued the feel-good factor in the latest European and global insurance and reinsurance reporting season as it reported what it described as an 'encouraging start' to 2013.
Swiss Re reported what it described as a 'very strong' group net profit of $1.4bn for the first quarter of 2013, 21% higher than the $1.1bn net profit reported in the prior year period.