Swiss Re’s full-year net income has soared 73% to $US727 million ($1.09 billion), despite the group suffering a $US2.7 billion ($4.04 billion) hit from natural and man-made catastrophes.

There were also increased claims in US casualty and Swiss Re Corporate Solutions made a net loss of $US647 million ($968 million) following action to address underperformance.

However, Life and Health Reinsurance (L&H Re) net income rose 18% to $US899 million ($1.34 billion).

“Our 2019 results were impacted by heavy natural catastrophe losses, our decisive management actions to reposition Corporate Solutions and increased claims in US casualty,” CEO Christian Mumenthaler said.

“We are taking proactive measures to put us at the forefront of adverse trends.

“On the other hand, we delivered an excellent investment result and strong performance in L&H Re, demonstrating the power of our diversified business model.

“And we are starting 2020 with an improved quality of our portfolio, underpinned by strong January renewals and pricing momentum.“