(Reuters) – The reinsurance company Swiss Re said on Friday $ 2.5 billion in receivables and reserves related to COVID-19 that it booked during the first half of the year would likely cover most of its pandemic-related losses.
The Zurich-based company, which confirms figures released last week, said it swung to a loss of $ 1.1 billion in the first half. It extended a loss in the first quarter and erased more than $ 953 million in net profit in the first six months of 2019.
“We expect the receivables and reserves we have booked in the first half of 2020 to cover the majority of our ultimate losses of COVID-19, "said CEO Christian Mumenthaler.
Swiss Re's combined position in its real estate and claims division, an important measure of the profitability of its largest revenue generator, deteriorated to 1
The company said a reversal of the company's insurance arm, which has recently reported losses, was "well on its way." It reduced its net loss to $ 301 million in the first half from $ 403 million. one year earlier.