Swiss Reinsurance Co. said profit doubled last year to a record as it paid fewer claims for natural disasters and bought General Electric Co's reinsurance unit.

Net income rose to 4.6 billion Swiss francs ($3.8 billion), or 13.49 francs a share, from 2.3 billion francs, or 7.44 francs, in 2005, Zurich-based Swiss Re said. The shares rose the most in almost three years as profit beat estimates and Swiss Re lifted its dividend and announced a share buyback.