Swiss Reinsurance Co. reported a 53 percent ditch in first-quarter network be of profit to Tuesday, blaming the turmoil in the fiscal markets and write-downs linked to criminal loans. The world's largest reinsurer said its closing further during the three months to March was 624 million Swiss francs ($594 million), or 1.84 francs ($1.75) per share. That compares with 1.33 billion francs, or 3.85 francs per share, in the same term most recent year.
Swiss Re said it irreparable 819 million francs ($779 million) to write-downs in debt-related investments during the earliest quarter. The Zurich-based house said make a bundle was also down in its sum and substance guaranty business. Swiss Re had 3.69 billion francs ($3.52 billion) from effects and accident premiums in the quarter, down 25 percent on the erstwhile year.
Premiums from compulsion and healthiness bond were down 13 percent to 2.77 billion francs ($2.63 billion).
The company's combined proportion -- an application benchmark that compares costs and claims to incentive proceeds -- rose more than three points to 96.9 percent. A consistent below 100 percent means the province is profitable, not counting any investment results. Analysts at Zuercher Kantonalbank said the results were worse than expected and predicted further write-downs for the corporation of 200 million francs ($190 million). Swiss Re shares dropped 5.9 percent to 82.50 francs ($78.59) on the Zurich exchange. © Copyright 2008 Associated Press. All rights reserved.
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