Swiss Re posts better-than-expected Q1 profit, to withdraw from iptiQ business
FRANKFURT, May 16 (Reuters) -Reinsurance company Swiss Re SRENH.S said on Thursday that net profit for the first quarter was a better-than-expected $1.1 billion and that it would exit its iptiQ business after a strategic review.
The net profit of $1.1 billion in the period was not comparable with the year earlier figure because of a change in accounting standards, but analysts had expected a profit of $961 million, according to a consensus forecast.
($1 = 0.9189 euros)
Reporting by Tom Sims and Paul Arnold, editing by Andrey Sychev
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