February 29, the world's largest reinsurer Swiss Re (Swiss Re, the "Swiss again") released the 2007 annual report, said full-year earnings shrink 9 percent, mainly by the derivatives business losses, and in the credit default swaps (Credit default swaps) in the projected 240 million Swiss francs (228.4 million U.S. dollars) of assets by impact.
The report shows that, Switzerland 2007 full-year earnings to 4.2 billion Swiss francs, down from 2006's 4.56 billion francs, 13.5 percent annual return on assets for the fourth quarter net income of 170 million Swiss francs.
Swiss CEO again (Jacques Aigrain) in a state official said: "As our main business of outstanding performance, 2007 to become the Switzerland of 144-year history of good performance of the year. Property and Accident insurance have outstanding performance, life insurance and health insurance has increased over the previous year. Despite the difficult market environment for investment, our investment behavior or to a positive direction. "
2007, Switzerland's shares to a total decline of 22 per cent this year is basically the same. January this year, Warren - Warren Buffett (Warren Buffett) control of Berkshire - Hathaway (Berkshire Hathaway) announced the acquisition of its 3 percent stake and agreed to manage its property and casualty insurance sector in part Business. By the impact of this news, the company's stock price has been soaring.
According to foreign reports, due for the company's financial situation to create "false and misleading" statements on the Swiss again in the United States is facing class-action suit.
This from the one in New York law firm Coughlin Stoia Geller & Robbins LLP, on behalf of unnamed institutional investors initiate proceedings. Lawsuit accused the Swiss again and its internal staff and some executives violated U.S. securities law, in particular its included in the two companies could bring huge risks to the credit default swaps transactions, were not disclosed. The law firm said that in the May 8, 2007 and 2007 on November 19 during the day to buy Swiss shares of any U.S. residents to participate in the proceedings to claim compensation to the company.
Swiss again in the November 19, 2007 announced by the United States, loan-to-crisis, its derivatives business loss of 1.2 billion Swiss francs. Affected by this, Swiss Re shares fell 10.25 percent, to close at 87.55 Swiss francs, a record four years, the largest single-day decline.
The report shows that, Switzerland 2007 full-year earnings to 4.2 billion Swiss francs, down from 2006's 4.56 billion francs, 13.5 percent annual return on assets for the fourth quarter net income of 170 million Swiss francs.
Swiss CEO again (Jacques Aigrain) in a state official said: "As our main business of outstanding performance, 2007 to become the Switzerland of 144-year history of good performance of the year. Property and Accident insurance have outstanding performance, life insurance and health insurance has increased over the previous year. Despite the difficult market environment for investment, our investment behavior or to a positive direction. "
2007, Switzerland's shares to a total decline of 22 per cent this year is basically the same. January this year, Warren - Warren Buffett (Warren Buffett) control of Berkshire - Hathaway (Berkshire Hathaway) announced the acquisition of its 3 percent stake and agreed to manage its property and casualty insurance sector in part Business. By the impact of this news, the company's stock price has been soaring.
According to foreign reports, due for the company's financial situation to create "false and misleading" statements on the Swiss again in the United States is facing class-action suit.
This from the one in New York law firm Coughlin Stoia Geller & Robbins LLP, on behalf of unnamed institutional investors initiate proceedings. Lawsuit accused the Swiss again and its internal staff and some executives violated U.S. securities law, in particular its included in the two companies could bring huge risks to the credit default swaps transactions, were not disclosed. The law firm said that in the May 8, 2007 and 2007 on November 19 during the day to buy Swiss shares of any U.S. residents to participate in the proceedings to claim compensation to the company.
Swiss again in the November 19, 2007 announced by the United States, loan-to-crisis, its derivatives business loss of 1.2 billion Swiss francs. Affected by this, Swiss Re shares fell 10.25 percent, to close at 87.55 Swiss francs, a record four years, the largest single-day decline.
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