Swiss Re back to profitability in first quarter

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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.

“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.

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.

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