Despite the challenges posed by a year of extraordinary catastrophes, Swiss Re says its 2011 net income increased by more than $1.7 billion thanks in part to a reserve release of $1.3 billion.
The Zurich, Switzerland-based reinsurance and insurance company says net income rose from $863 million to $2.6 billion in 2011. Revenues on the year dropped 3 percent, or $752 million, to $28.1 billion.
The results were helped by the elimination of a one-time charge taken last year to pay off a $2.6 billion loan instrument from Berkshire Hathaway. Excluding the loan re-payment in 2010, Swiss Re's net income would have been $2.3 billion, which translates into a $300 million increase in net income from 2010 to 2011.
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