Swiss Re has almost doubled its profit with a $US863 million ($853.2 million) return for the 2010 calendar year.

Releasing its full-year results, the reinsurer revealed a 74% increase in its profit from $US496 million ($490.4 million) in 2009.

This figure also accounts for the impact from terminating the convertible perpetual capital instrument held at Berkshire Hathaway.

CEO Stefan Lippe says the company has come a long way in the past two years.

“Swiss Re has strengthened its balance sheet, set new strategic properties and aligned its management structure,” he said.

Property and casualty operating earnings were down by 30% to $US2.5 billion ($2.47 billion) as a direct result of high loss expenses and lower investment income.

Life and health experienced an 18% increase, recording an operating income of $US810 million ($800.8 million).

The reinsurer has started this year with a successful and strong January renewals period and although the market price declined by 4-7%, Mr Lippe says it has been able to outperform the market through disciplined underwriting and success on non-commodity placements.

The company’s January general insurance treaty business grew by 14%, with increased demand for tailored solutions from larger clients in growth areas such as Asia.