Swiss Re profits up 74% despite Berkshire repayment drain
Swiss Re lifted its annual net income by 74 percent to $863mn last year despite repaying a 2009 Berkshire Hathaway loan and a 30 percent year-on-year drop in P&C operating income to $2.5bn.
At its third quarter release Swiss Re warned that repaying Berkshire Hathaway's SwFr3bn loan would add $1bn in interest charges to its fourth quarter results, which were dragged to a $725mn loss.
However, excluding the cost of repaying Berkshire Hathaway, net income was $2.3bn - up nearly...
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