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Swiss Re Posts H1 Loss On Claims, Reserves Related To COVID-19 - Quick Facts

Swiss Re (SSREY.PK) reported a first half net loss of $1.135 billion compared to profit of $953 million, previous year. The company noted that the loss was due to the claims and reserves related to COVID-19 of $2.5 billion across the Group. Excluding COVID-19 claims and reserves, net income was $865 million, for the first half period.

First half net premiums earned and fee income increased to $19.33 billion from $18.16 billion, previous year.

Looking forward, the company said it is confident in the outlook for the Group.

"While the impact on our earnings is significant, it remains manageable as our operations continue uninterrupted, all our businesses are performing well and our capital position allows us to take advantage of attractive opportunities in an improving market," said Swiss Re's CEO Christian Mumenthaler.

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