After four years as CEO, Swiss Re's Michel Liès will step down on 1 July with reinsurance head Christian Mumenthaler named as his replacement.
Liès retirement was announced alongside the reinsurer's 2015 full-year results today (23 February), in which a 31% increase in group net income to $4.6bn (£3.25bn) was reported.
A large man-made loss burden and lower investment gains saw the company's P&C combined operating ratio deteriorate to 86% from 83.7% in 2014. Net income for the sector declined to $3bn from $3.6bn in 2014.
Net premiums dropped to $15.1bn (2014: $15.6bn) which the company attributed to foreign exchange rate movements.
Swiss Re also proposed a share buy-back of SFr1bn (£710m), providing market conditions remain positive. That proposal was additional to its current scheme to buy back SFr1bn that was announced in November 2015.
Liès said the company had met return on equity and earnings per share targets in 2015.
"We have delivered a strong performance based on our underwriting discipline over the past five years and end this period with one of our highest-ever profits," he said.
On his retirement, Liès said he remained passionate about the company, adding: "I am convinced that Christian Mumenthaler and his team will further strengthen the role of Swiss Re in our industry and our society more generally."
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