Swiss Re first quarter profit down 53 percent

0 Comments | AFP, May, 2008

ZURICH (AFP) — Swiss Re, the world's largest reinsurance group, on Tuesday said first quarter net profit fell 53 percent year-on-year to 624 million Swiss francs (382.61 million euros/ 593.86 million dollars).

"The reduction (in profit) was attributable to the continuing turmoil in the financial markets and the resulting additional mark-to-market loss of 819 million Swiss francs on the structured credit default swaps in run-off since November 2007," it said.

However, Jacques Aigrain, the group's chief executive officer said the group's capital position is "strong" and its insurance related portfolio "sound".

"While we face challenging conditions, we are well prepared and will not deviate from our sharp focus on underwriting quality, careful risk selection...