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Swiss Re repays Buffett’s $1.1bn
THE world’s second-largest reinsurer Swiss Re reported a lower-than-expected $863m (£536m) net profit yesterday after announcing it had repaid $1.1bn in loans extended by Warren Buffett in the financial crisis.
Analysts had expected $1.2bn profits but the final figure was still 74 per cent higher than in 2009. Chief executive Stefan Lippe said the company had “turned a corner” from its performance in the recession, and that rates for property and casualty insurance should rise in 2011. It also raised its dividend to SwFr 2.75 (£1.80) from one Swiss franc last year.