Swiss Re, the world's largest reinsurer, reported today that record natural catastrophe losses led to a 41 percent drop in net income for 2005.
The Zurich-based company reported net income of $1.1 billion last year, compared with $1.9 billion in 2004.
Last year, Swiss Re incurred an estimated $2.3 billion in large natural catastrophe claims, up from $918 million in 2004. After releases from equalization reserves, the net after-tax impact to the bottom line was less than half of the incurred losses, the company said.
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