(Bloomberg) — Swiss Re AG, the world's second-biggest reinsurer, unexpectedly reported an increase in first-quarter profit, helped by returns from selling fixed income securities.
Net income rose to $1.4 billion from $1.2 billion a year earlier, the Zurich-based company said in a statement on Thursday. A Bloomberg survey of eight analysts predicted profit of $971 million. The highest estimate was $1.16 billion.
Europe's insurers are seeking ways to increase returns for shareholders after the European Central Bank's bond-buying program slashed yields from investments such as government bonds, squeezing margins.
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