Swiss Re scores profit despite COVID-19 death claims

Swiss Re has recently reported consolidated net income of USD 333 million in the first quarter of 2021, despite heightened losses in its life and health reinsurance business related to COVID-19 and property and casualty reinsurance losses from U.S. catastrophes.

The company also said the strong underlying performance of all businesses more than offset losses related to COVID- 19 (USD 643 million) and large natural catastrophes (USD 426 million). Excluding COVID-19-related claims and reserves, Swiss Re’s net income was USD 843 million.

The quarter marked a return to profitability for its property/casualty reinsurance business as well as its commercial insurance business unit Corporate Solutions. In addition, Swiss Re reported increases in April renewals of property/casualty contracts.

Christian Mumenthaler, Group Chief Executive Officer, Swiss Re, said, “The start of 2021 has seen record numbers of COVID-19-related deaths in many countries, and our thoughts go out to those who have lost a loved one. The devastating human toll of the pandemic is also reflected in the financial results of Swiss Re as the world’s largest life and health reinsurer.”