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Swiss Re Slips To Loss In Q1, Net Premiums Rise; Expects To Meet FY22 Targets

Swiss reinsurer Swiss Re AG (SSREY.PK) reported Thursday that its first-quarter net loss was $248 million, compared to prior year's net income of $333 million.

The loss was impacted by the war in Ukraine, heightened financial market volatility and the ongoing COVID-19 pandemic.

The company said it absorbed higher-than-expected large natural catastrophe claims of $524 million across its property and casualty businesses as well as COVID-19 claims of $515 million. In addition, Swiss Re booked $283 million in reserves related to the war in Ukraine.

Swiss Re's net premiums earned and fee income, however, increased 4 percent to $10.62 billion from last year's $10.21 billion.

Looking ahead, Swiss Re's Group Chief Executive Officer Christian Mumenthaler said, "While the first quarter of 2022 presented significant headwinds for the re/insurance industry and Swiss Re, we are confident in the Group's ability to navigate the challenges. Thanks to the actions we have taken over the past years, our businesses have all the necessary levers in place to drive profitability and deliver against our financial targets for 2022."

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