NU Online News Service, Feb. 23, 3:31 p.m. EST

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.

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