Swiss Re back to profitability in first quarter

ZURICH, May 7, 2009 (AFP) - The world's biggest reinsurer Swiss Re said Thursday it made a profit of 150 million francs in the first quarter, returning to profitability after posting its biggest annual loss in 2008.

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"We are pleased to report that Swiss Re was able to return to profit in the first quarter of 2009," said Stefan Lippe, the group's chief executive in a statement.

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The net profit equivalent to 99 million euros or 132 million dollars marked a 76 percent fall from the 600 million francs achieved in the first quarter of 2008.

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But it was an improvement from the 2008 annual loss of 864 million francs.