LONDON (Standard&Poor's) March 17, 2005--Standard&Poor's Ratings Services said today that the 2004 results announced by Switzerland-based global reinsurer Swiss Reinsurance Co. (AA/Negative/A-1+) and its core subsidiaries, collectively known as the Swiss Re group (Swiss Re), were in line with expectations, and consequently have no impact on the ratings or outlook on group entities. Swiss Re today reported a post-tax operating profit of Swiss franc (SFr) 2.5 billion ($2.2 billion) for 2004, having posted a profit of SFr1.7 billion in 2003. This equates to a reported ROE of 13.6% for the year (10.2% in 2003). The improved performance for 2004 largely reflects a decrease in net impairments of SFr0.6 billion, although underwriting performance also improved. Profits before
