Swiss Re reported a net loss for 2008 of CHF 864 million ($736.3 million at current exchange rate), down from net income of CHF 4.2 billion ($3.6 billion) in 2007, and a 2008 fourth quarter net loss of CHF 1.7 billion ($1.4 billion).
The Zurich-based global reinsurer cited investment losses as the reason for the poor results.
"This result is clearly disappointing," Stefan Lippe, Swiss Re's new chief executive officer said. "Although our property-casualty and life and health business segments continue to perform extremely well even in these adverse conditions, the result has been impacted by investment losses."
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