GENEVA
The Associated Press November 4, 2010, 6:27AM ETSwiss Reinsurance Co. announced Thursday that net profits almost doubled to $618 million during the third quarter from $314 million the previous year, and that it has brought forward a loan repayment to U.S. investor Warren Buffett's firm Berkshire Hathaway.
Zurich-based Swiss Re said interest and fees on the loan, totaling $1 billion, will be booked in the fourth quarter.
Analysts and the market welcomed the result. Shares of Swiss Re jumped 6.3 percent in morning trading on the Zurich exchange to reach 50.45 Swiss francs ($52.21).
In a note to investors, Zuercher Kantonalbank said the insurance company's figures were better than expected "on all levels."
Swiss Re says it had fewer payouts for natural disasters during the July-September period despite $160 million in claims from the New Zealand earthquake.
The combined ratio for its property and casualty business was 76.4 percent during the quarter compared with 84.5 percent the previous year. A figure under 100 denotes profitability.
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