Swiss Re profit drops amid fresh writedowns

The world's biggest reinsurance company, Swiss Re, has announced fresh credit writedowns of SFr819 million ($776.3 million) in connection with the United States subprime crisis.

This content was published on May 6, 2008 - 09:23

First-quarter net profit at Swiss Re dropped by half to SFr624 million, well below forecasts.

The company continued to be exposed to market value fluctuations, a statement said on Tuesday.

In November Swiss Re wrote down SFr1.2 billion in its financial services unit.

The Zurich-based company posted a 2007 profit of SFr4.2 billion, a drop of nine per cent on the previous year.

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Sort by

Change your password

Do you really want to delete your profile?

Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.

Discover our weekly must-reads for free!

Sign up to get our top stories straight into your mailbox.

The SBC Privacy Policy provides additional information on how your data is processed.