Swiss Re has reported a loss of SFr 165m (£69m) after tax for 2001. This is better than the SFr 200m (£84m) loss it had predicted earlier this year.
The WTC attacks were a major reason for the reinsurer's first loss since 1868 - costing it an estimated SFr 2.96bn (£1.24bn).
However, despite difficult market conditions, Swiss Re said net premiums rose 14% last year to SFr 25.2bn (£10.5bn) and return on investments exceeded its 7% target.
Chief executive Walter Kielholz commented: "Despite the worst year ever for insured losses, Swiss Re strengthened its position during 2001 and is now well placed to capitalise on improving markets and achieve superior results in the coming years."
The company said it expects a "sharp upturn" in earnings during 2002.
