By John Letzing

ZURICH--Swiss Re AG (RUKN.VX) on Thursday reported an improved second-quarter profit, as the reinsurance giant benefited from a sharp gain at its life-and-health business.

Zurich-based Swiss Re said net profit rose to $820 million in the period, compared with $802 million in same quarter last year.

Premiums and fee income fell to $7.1 billion, from nearly $7.6 billion in the quarter last year, Swiss Re said. The company's return on equity was 9.5% in the quarter, down from 9.7%.

Swiss Re's biggest unit, its property and casualty business, saw net profit fall to $453 million from $553 million, as premiums fell slightly, the company said.

The company's life and health business saw net profit rise to $218 million from $48 million in the quarter last year, Swiss Re said.

The reinsurer's Admin Re business, which has been the focus of a revamp effort, reported that net profit fell to $43 million from $117 million.

-Write to John Letzing at john.letzing@wsj.com

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