Bank Of Baku

No. 1 re-insurer reports annual loss

No. 1 re-insurer reports annual loss
# 19 February 2009 13:38 (UTC +04:00)
Baku– APA-Economics. The world’s biggest reinsurer Swiss Re on Thursday posted its biggest annual loss of 864 million Swiss francs for 2008, saying earnings were hit by investment losses, AFP reported.
The loss, equivalent to 735 million dollars or 585 million euros, was slightly smaller than the one billion francs it had pre-announced earlier this month.
"This result is clearly disappointing," said Stefan Lippe, the group’s chief executive.
He noted however, that the group has taken "extensive measures" to lower the risks of its investment portfolio, and that these steps would contributing to "building a stronger firm for the years to come."
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