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Swiss Re Q3 profit surges

Swiss Re has reported a net income of $618m or $1.80 per share for the third quarter of the 2010, compared to $314m or $0.92 per share for the same quarter of 2009.

Property & Casualty delivered operating income of $1.1bn in the third quarter of 2010, compared to $0.9bn in the third quarter of 2009.

Life & Health reported operating income of $119m in the third quarter of 2010, compared to $363m in the prior-year period.

Asset management posted operating income of $1.2bn for the third quarter of 2010, compared to $697m in the third quarter of 2009.

Swiss Re said that the convertible perpetual capital instrument issued to Berkshire Hathaway has been terminated with effect from 3 November 2010.

Swiss Re CEO Stefan Lippe said, the company is pleased to report that the improved capital position allowed Swiss Re to reach an agreement to repay Berkshire Hathaway, with no additional charge for bringing forward the repayment date.