Swiss Re rises after 'strong start' to the year
** Shares in Swiss Re SRENH.S are up nearly3% after the Swiss reinsurer delivered its Q1 results ahead of expectations and said it would withdraw from iptiQ business
** The company posted a net income of USD 1.1 billion for the first quarter of 2024, driven byunderwriting discipline and strong investment income
** Roland Pfänder from ODDO BHF says the group reported a "strong start" to the year with strong technical profits in P/C reinsurance and Corporate Solutions despite increasing reserves for prior year events and casualty business
** "L/H reinsurance net profit came in ahead of expectations helped by a strong investment result," Pfänder adds
** According to the brokerage,the withdrawal from iptiQ, a digital B2B2C insurance company, might be taken as a positive surprise
** Pfänder says the company seems well on track to deliver on its target to generate more than USD 3.6 billion net profit in 2024
Reporting by Mateusz Dobrzyniewski
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