Swiss Re Says On Track To Meet 2011-2015 Financial Goals - Quick Facts

(RTTNews) - Reinsurer Swiss Re Ltd. (SSREY.PK) said it remains fully committed to its 2011-2015 financial outlook, with the current strategy delivering consistently strong results over the last 3 years. At its annual Investors' Day in London, Swiss Re issued a detailed update on the strategic initiatives which are the building blocks to its success.

"With clients expected to continue to rely on reinsurers for services and long-term support, we also believe that alternative capital cannot replace the traditional reinsurance model," the reinsurer's chief executive, Michel Lies, said in a statement.

The firm's capital management priorities and dividend policy remain unchanged. Group Chief Financial Officer, David Cole, said: "We expect to have the new target capital structure fully implemented by 2016- as planned."

With respect to its Life & Health Reinsurance unit, the company said it is confident to reach its overall Group return on equity target of 10%-12% by 2015.

Further, Swiss Re's commercial insurance arm, Corporate Solutions, is on track to deliver the announced target of $4 billion - $5 billion in premiums by 2015, supported by a balanced portfolio in mature and high growth markets and active portfolio steering. In addition, Swiss Re Corporate Solutions has agreed to acquire Chinese insurer Sun Alliance Insurance (China) Ltd. for 71 million pounds, or about $120 million. Currently, Sun Alliance Insurance (China) is an unit of RSA Insurance Group plc (RSANY.PK, RSA.L, RSA).

The coverage period for the 2011-2015 goals would end in December next year, while Swiss Re may issue a new set of targets in February 2015, valid from 2016 onwards.