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Swiss Re turns into a 9-month profit despite high demands



(Reuters) – The reinsurance company Swiss Re said on Friday that it swung to a better-than-expected net profit in the first nine months despite strong demands from major storms on both sides of the Atlantic.

$ 1.3 billion, from a net loss of $ 691 million over the same period last year. Analysts had expected less than $ 1 billion in profits, according to a consensus forecast.

The Zurich-based company attributed the pace to strong insurance results in its property / accident reinsurance division and its arm to protect companies. Its life and health reinsurance division lost money due to covid 19-related claims.

Last year, Swiss Re made its first loss since the 2008 financial crisis, but they had said they expected to return to profit for this fiscal year. [1

9659002] The results give "us confidence for the rest of the year and into 2022, with all our operations well positioned to continue their strong results," said CEO Christian Mumenthaler in a statement.

in Germany and elsewhere – amounted to $ 1.7 billion during the period, a figure that was higher than the company had initially anticipated.


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