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