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Swiss Re posts $863m profit for 2010
17 February 2011
The Swiss reinsurer said its P&C business had a combined ratio of 93.9%.
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Swiss Re
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Swiss Re has posted net income of $863m for 2010; profit at the Swiss reinsurer has risen 74% since 2009, when it posted $496m for the year.
The firm’s result includes the impact from the November 2010 termination of its convertible perpetual capital instrument (CPCI) issued by Warren Buffet’s Berkshire Hathaway, which Swiss Re says was repaid in full in January 2011.
Swiss Re logged a return on equity of 3.6%, earnings per share of $2.52 (CHF 2.64), up from $1.46 (CHF 1.49) in 2009.
The firm added that, had it not had to pay for the CPCI termination, 2010 profits would have amounted to $2.3bn, giving a return on equity of 9.2%.
Swiss Re said its board of directors will make a dividend proposal at its annual general meeting on April 15, for a 2010 dividend of CHF 2.75 ($2.88...
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