Swiss Re has revealed that it expects to report a loss of up to SFr100m (£46.9m) in 2002 due to large write-downs.

Swiss Re has revealed that it expects to report a loss of up to SFR100m (£46.9m) in 2002 due to large write-downs.

The world's second-largest reinsurer said the write-downs would be higher than the 2001 level of SFr663m (£311m).

A Swiss Re spokesman told Reuters that its return on investments was expected to be 4.7% below the 2002 target of 6.7%.

Annual general policy renewals season had generated premium increases of 10%, he added.

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