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.
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.
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