ZUG, Switzerland (AP) ? Swiss reinsurer Converium announced third-quarter net profits of US$54.3 million (euro42.75 million) yesterday, compared with a loss of US$6.9 million in the same period last year.

?The results primarily reflect strong current-year underwriting performance, highlighting the quality of our book of business,? CEO Inga Beale said in a statement. ?The third quarter demonstrates once more the sustainability of Converium?s rebound.?

Despite seeing gross insurance premiums fall by 3.4 percent to US$438 million (euro344.83 million) in the first nine months of the year, Converium?s overall profits until September were up fivefold to US$178.4 million (euro140.45 million) compared with US$34.5 million in last year?s first three quarters.

Results were positively affected by profits from capital investments as well as the absence of large disaster-related claims.

?We now focus on the year-end renewal negotiations and believe that we can benefit from the recent positive rating actions,? Beale said. ?We remain confident that Converium will be awarded a better financial-strength rating in the near future.?

But analysts, who had expected significantly lower earnings, complained that once again the company?s quarterly report was influenced by special factors. As a result, said Georg Marti of the Zuercher Kantonalbank, the results were difficult to assess.

Shares in Converium closed down 0.3 percent at 16.65 Swiss francs (US$13.30; euro10.47) on the Zurich exchange yesterday.