ZURICH, Aug 5: Swiss Re, the world’s biggest reinsurer, reported a 53-per cent fall in second-quarter net profits to 564 million Swiss francs, ($536.7 million) on Tuesday.

The company also announced it had bought Britain’s Barclays Life for 753 million pounds ($1.47 billion).

Earnings per share at Swiss Re were also down 51 per cent on a 12-month basis to 1.70 Swiss francs from 3.5 francs in the second quarter of 2007.

“The financial market turbulence continues, but, despite this, we are strongly capitalised and our investment portfolio remains sound,” said chief executive Jacques Aigrain.

—AFP