Zurich - Swiss Re announced Thursday net losses in 2008 of 864 million francs, mostly on investments, as the insurance giant's credit rating was downgraded, increasing its funding requirements.
In 2007 Swiss Re had turned a 4.2 billion francs net profit.
Stefan Lippe, who was appointed CEO earlier this month, said in a statement that the result was "clearly disappointing," but that January had proved to be a better month for the company.
He said the core insurance business was solid and that Swiss Re was working "to de-risk the investment portfolio." The group was also cutting costs.
The company posted a fourth quarter loss of 1.75 billion francs.