Swiss Re Posts Loss For '02 Swiss Reinsurance Ltd. reported last week a net loss of 91 million Swiss francs ($58.26 million) in 2002, an improvement over the loss of 165 million Swiss francs ($105.65 million) it reported the year before.
Swiss Re had warned of the loss last month and attributed it to a continuing decline in stock markets.
A possible surprise for some Swiss Re shareholders, however, was a proposed dividend cut announcement, which was larger than some expected. Swiss Re said due to its losses and a company policy of paying dividends out of current earnings, it is proposing to cut its dividend to 1 Swiss franc, or about 63 cents, a share, from 2.50 Swiss francs a share, or one dollar and 60 cents.
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