Our strategy also remained largely unchanged over the year. We’re aiming to outperform our peers in Reinsurance and Admin Re^®, as well as in our balanced asset management approach. We’re also aiming for a sustainable expansion in Corporate Solutions as well as in high growth markets and in funding longer lives and health. In 2014 our focus will be on executing on this strategy and delivering on the previously communicated 2011–2015 financial targets (see Our mission).

Performance

Our very strong 2013 performance was supported by solid underwriting, low levels of natural catastrophe losses and reserve releases. All Business Units contributed to this excellent result, with a particularly strong performance from Property & Casualty Reinsurance and continued profitable growth from Corporate Solutions.

We look forward to 2014 with confidence. Our focus will remain on strategy execution. Our industry-leading underwriting track record has served us well and we aim to maintain it. We are emphasising productivity and keeping management expenses under control. We also continue to re-direct capital and talent to high growth markets, where we estimate that, by 2020, up to 45% of new re/insurance business premiums will be generated.

For details of Group financial performance, please see Group results of the 2013 Financial Report.

Reinsurance

For details of the individual segment results, please see Reinsurance of the 2013 Financial Report.

Property & Casualty performance

Net income in Property & Casualty Reinsurance climbed to USD 3.3 billion in 2013 (compared to 3.0 billion in 2012).

Capturing opportunities in growth markets remained a key priority across all business lines. As part of the high growth market strategy implementation we strengthened expertise by adding to our local underwriting and client management staff in Asia and Latin America. We expect that this will enable us to deliver superior service to our existing clients and build new relationships.

We believe that active cycle management will also be key to success in the current market environment. We aim to maintain earnings quality through disciplined underwriting and superior service, and to position ourselves even more clearly as a knowledge company.

Life & Health performance

Life & Health Reinsurance delivered net income of USD 356 million for 2013 (compared to USD 739 million in 2012).

The environment for Life & Health Reinsurance continued to be challenging in 2013, with low yields pressuring reinvestment rates and investment income. Nevertheless the segment is strategically attractive. It is an integral part of Swiss Re’s business model and adds to the profits and diversification of the Group, enhances the value proposition to core clients and represents an attractive growth opportunity. Due to our recognised expertise, strong balance sheet, excellent track record and dedicated teams, we believe Swiss Re is the ideal partner for product development, large capital-driven transactions, longevity deals and structured solutions tailored to client needs.

Corporate Solutions

Performance

Corporate Solutions’ net income was 42% higher than in 2012, with the quality of its book remaining consistently high year-on-year. Corporate Solutions serves large corporations as a lean global player, with product offerings ranging from traditional property and casualty insurance to customised solutions in areas such as weather risk management.

The unique value proposition of Corporate Solutions continues to be the combination of large net capacity and innovation capabilities, underpinned by disciplined cycle management and superior underwriting.

Admin Re^®

Performance

Admin Re^® delivered a very good net income of USD 423 million and gross cash generation of USD 521 million. These achievements demonstrate the success of management actions in improving the Business Unit’s operational efficiency and enhancing its contribution to the Group.