Poor results for Swiss Re in 2008

Swiss Re has reported a loss amounting to 864 million CHF (818 million USD) for the year 2008 versus a profit of 4.2 billion CHF (3.7 billion USD) in 2007. The Swiss reinsurer has sustained a 19% downturn in its premiums volume at 22.5 billion CHF (21.3 billion USD). The combined ratio rose from 90.1% in 2007 to 97.9% in 2008.

The poor 2008 results were compounded with a degradation of the Standard & Poor's rating which falls from “AA-“ to “A+”, with stable outlook.

In order to overcome the crisis, Swiss Re will have to proceed to a consistent recapitalization estimated at 5 billion CHF (4.7 billion USD).

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