November 3, 2009 - 9:34 AM

Swiss Re posts rosy third quarter results

The world's second-largest reinsurer, Swiss Re, posted a net profit of SFr334 ($326 million) million for the third quarter 2009, by far beating analysts' expectations.

The profit indicates a good recovery following a loss of SFr304 million in the same period in 2008.

The company also said it strengthened its capital in the third quarter, boosting its chances of repaying a costly SFr3 billion convertible loan from Warren Buffett's Berkshire Hathaway.

Swiss Re said payouts dropped markedly during the quarter as customers made fewer property, health and life insurance claims.

swissinfo.ch and agencies