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.
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