Swiss RE bounces back into profit

Swiss RE bounces back into profitZurich  - The world's second largest reinsurer Swiss Re has bounced back into profit in the third quarter, beating expectations of analysts, the company announced Tuesday in Zurich.

The company reported a net profit of 334 million francs (327 million US dollars), compared to a loss of 304 million francs in the same period last year, and continued losses in the second quarter of 2009.

Results in the third quarter continued to be dampened by write- offs of almost one billion francs especially in the securitized products portfolio. (dpa)

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