Swiss Re's focus on increasing business in the Asia-Pacific region will cause its global premium volume to fall by about 2%, it was announced.

But, the reinsurer said that “growth in Asia of 18% compensated for reduced volumes in the US".

The reinsurer's renewed business portfolio grew by 4%.

The January renewal season “achieved attractive rates”, the company said.

Swiss Re's property & casualty group renewed 68% of its traditional treaty portfolio.

The company's financial services business group renewed portfolio "represents 39% of property, casualty and aviation business and 94% of the credit and surety business," a statement said.

"Strict underwriting led to a volume decline of 3%, however, premium margins were maintained,” it said.