Swiss Re has posted a loss for the second year running, making a loss of 91m Swiss francs (£41.8m) in 2002, following a 2001 loss of 165 million Swiss francs (£75.8m).
Swiss Re blamed the losses on the steady decline in world stock markets. As a result the dividend has been cut to SFr 1 Swiss franc per share, the first dividend reduction since 1906.
However the reinsurance giant Swiss Re remains confident of a return to profit this year, according to its chief financial officer John Fitzpatrick.
Speaking to Reuters, Fitzpatrick declined to comment on market speculation that Swiss Re is looking to buy NCM Gerling.
However he said that Swiss Re would continue to protect its interest in NCM Gerling, which is part of the German reinsurance giant Gerling.
