Swiss Re reports 4Q net profit of $373.4 million

(AP) — Swiss Reinsurance Co. has reported a fourth-quarter net profit of 403 million Swiss francs ($373.4 million).

The Zurich-based company had suffered a massive 1.75 billion francs loss during the year-earlier period on the back bad investments.

Swiss Re says earning per share were 1.18 francs compared with a loss of 5.34 francs per share in the last three months of 2008.

The absence of major disasters allowed the reinsurance company to more than double operating income in its property and casualty business to 853 million francs.

Life and health insurances brought in 88 million francs.

Swiss Re said Thursday its full-year net profit for 2009 reached 506 million francs compared to a loss of 864 million the previous year.