After posting lower financial results for 2016, reinsurance firm Swiss Re announced that it is undertaking reforms in its research activities with the help of pharmaceutical company Novartis.

According to its latest financials, Swiss Re’s net income dropped 20% to $3.6 billion last year.

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The Financial Times reports that chief executive Christian Mumenthaler is trying to reinvent the company into a “risk knowledge” firm to leverage in-house expertise from modelling natural catastrophes and other hazards in recent years.

The reinsurer’s CEO also said that a new “Swiss Re Institute” will initiate research in behavioural economics and the digitalization of insurance.


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