Swiss Re loses $691n in nine months of 2020

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Swiss Re loses $691n in nine months of 2020

The Swiss reinsurer has sustained a net loss of $691 million in the first nine months of 2020 compared to a profit of 1.34 billion USD in the same period of 2019.

However, if we were to exclude the Covid-19-related debts and the claim reserves of $3 billion (before tax), the net result would be set at $1.6 billion.

As of 30 September 2020, the Property & Casualty (P&C) activity showed a net deficit of $201 million. The direct insurance entity, Corporate Solutions, also recorded a deficit of $323 million.

The Life Capital entity made no exception as it ended the three quarters with a net deficit of $136 million.

However, the first nine months of 2020 do not show negative figures only. Swiss Re indeed posted a 6.1 percent turnover increase with $30.16 billion of premiums by late September 2020.

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