SwissRe returns to black in 2009

The global reinsurance and financial services group SwissRe returned to back with a 506-million Swiss francs profits in 2009 from a loss of 864 million Swiss francs in the previous year.

The reinsurer giant rebounded on its improved capital strength and continued healthy operating performance of its core business, Swiss Re said in a statement.

During the fourth quarter, the group reported a profit of 403 million Swiss francs compared to a loss of 1.7 billion Swiss francs in the same period previous year.

"Today, I am proud to say that we have come a long way. First, we have fully restored our capital position. Second, we have significantly de-risked and strengthened our balance sheet. And third, we have maintained strong earnings power of our core business through underwriting profitability and cost discipline throughout the group," Chief Executive Stefan Lippe said in Zurich announcing the results.

 

"These robust achievements for the year enable us to continue to support our clients and generate value for our shareholders," Lippe added.

The group's property and casualty segment continued to deliver robust results with operating income rising 39 per cent to 3.8 billion Swiss francs in 2009.

The company achieved net savings, after restructuring costs, of 205 million Swiss francs last year, it added.