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Swiss Re posts net loss of $725m in Q4

Swiss Re reported a net loss of $725m for the fourth quarter of 2010, compared to net income of $394m for the same period of 2009.

Property & Casualty (P&C) operating income was $673m for the fourth quarter of 2010, compared to $833m for the corresponding quarter of 2009.

For the fourth quarter of 2010, Life & Health operating income was $304m, compared to $88m in the same period last year.

For the year 2010, Swiss Re has reported a net income of $863m, or $1.46 earnings per share, compared to $496m, or $1.49 earnings per share for the year 2009.

Property & Casualty (P&C) operating income was $2.5bn compared to $3.5bn in the year 2009.

Life & health operating income was $810m, compared to $687m a year ago.

For the year 2010, asset management operating income was $4.5bn, compared to $3.62bn in 2009.

Swiss Re said it plans to establish a new corporate structure under a newly-formed holding company, to increase its client focus, improve the transparency and accountability of its businesses, and create greater flexibility.

Swiss Re CEO Stefan Lippe said that Swiss Re has strengthened its balance sheet, set new strategic priorities and aligned its management structure. The company is now taking the next step in shaping the company’s future by adjusting its legal structure to reinforce its strategic priorities and allow it to fully unlock the potential of its business.