GENEVA (Bloomberg) — Swiss Reinsurance, the world's biggest reinsurer, expects to complete its 6 billion-franc ($5.3 billion) buyback earlier than planned after losses related to the debt market turmoil made the stock cheaper.

"Share price levels combined with current risk capital requirements make it highly likely that the buyback will be completed ahead of schedule," the Zurich-based reinsurer said in a presentation posted on its Web site.

For investments to be preferred over a buyback, they need to have an "implied" a return of more than 15 percent, Swiss Re said in the presentation, prepared for a meeting with investors in London yesterday.

Swiss Re bought back shares worth 2.2 billion francs this year as part of the three-year program announced in March. The stock fell the most in more than four years on November 19, when Swiss Re said it lost 1.2 billion francs on two credit-default swaps sold to protect clients against declines in investments.

Swiss Re is committed to its financial-services business, it said in a separate presentation. The unit, which provides risk and capital management, structured investments and investment-banking services, had a 113 million-franc loss in the third quarter, it said November 6.

Swiss Re rose 2.25 francs, or 2.6 percent in Zurich trading, cutting losses in the past six months to 23 percent. The stock is the second-worst performer on the 28-member Bloomberg Europe 500 Insurance Index in that period.