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Home / Insurance / Swiss Re turns to Q1 net profit despite COVID death claim

Swiss Re turns to Q1 net profit despite COVID death claim



(Reuters) – Swiss Re Ltd. turned to a net profit during the first three months of the year in figures that were better than expected and said on Friday that they believed that claims related to the COVID-19 pandemic will decrease. [19659002] equities opened 1.8% higher on Friday, surpassing the broader index, which rose 0.2%.

The reinsurer recorded $ 585 million in pandemic deaths during the period, compared to $ 912 million for the whole of last year. Together with the rest of the industry, it has also faced major claims for interrupted events and business interruptions. rolled out in its main markets, which include rich Western nations.

Last year, Swiss Re announced its first loss since the 2008 financial crisis, but expects to return to profit for this fiscal year, executives have said.

In one sign, the company was about to achieve this, the net profit was $ 333 million in the first quarter, compared to a loss of $ 225 million a year earlier. Analysts had expected a small loss, a consensus forecast found.

"We have seen a solid start to 2021

and expect that all our companies will continue to deliver strong underlying development with declining COVID-19 losses," said CEO Christian Mumenthaler in a

Swiss Re said nominal renewal prices in April increased by 4%, offsetting low interest rates. Catalog

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