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Swiss Re surprises analysts with huge gains

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08:57 CEST+02:00

Reinsurance giant Swiss Re said Friday it had a first quarter net profit of $1.1 billion, beating
forecasts and more than reversing a year-earlier net loss of $665 million.

Analysts surveyed by financial agency AWP had been expecting a net profit of $644 million.

In 2011, Swiss Re shrugged off a series of natural disasters to report net profit of $2.6 billion, up sharply from $863 million the previous year and higher than the 1.8 billion dollars analysts were expecting.

For the first quarter, it said insurance premium income rose 22 percent to $6.2 billion, making a "good start" to the year.

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