Insurance giant Swiss Re on Friday reported a sharp upswing in full-year profit, benefiting from what it described as an attractive market environment after a “batch of bad years.”
Tag: Swiss Re profits
Reinsurer Swiss Re Swings to Nine-Month Profit Despite Big Claims
Reinsurance company Swiss Re said on Friday it swung to a better-than-expected net profit in the first nine months as it recovers from the impact of the coronavirus pandemic despite big claims from major storms on both sides of the Atlantic. The company’s net profit in the reported period came in at $1.3 billion, from… Continue reading Reinsurer Swiss Re Swings to Nine-Month Profit Despite Big Claims
Swiss Re’s Q1 Net Income Hits $333m Despite Over $1B of COVID & Cat Losses
Global reinsurance giant Swiss Re has reported net income of $333 million for the first quarter of 2021 against a loss of $225 million in the prior year period, despite losses related to COVID-19 and large natural catastrophes of more than $1 billion. Alongside growth in net income across the Group, the reinsurer has also… Continue reading Swiss Re’s Q1 Net Income Hits $333m Despite Over $1B of COVID & Cat Losses
Swiss Re Reports Strong Underlying Performance in 2020, Despite Large COVID-Related Losses
Swiss Re reported a Group net loss of $878 million for 2020. Excluding $3.9 billion of COVID-19-related claims and reserves (pre-tax) for the year, Swiss Re’s net income was $2.2 billion, a material increase from $727 million in 2019. Based on the Group’s very strong capital position and positive market outlook, the Board of Directors… Continue reading Swiss Re Reports Strong Underlying Performance in 2020, Despite Large COVID-Related Losses
Swiss Re Lifts COVID Hit to $3B, Reports Q3 Profit & Strong P&C Growth
Global reinsurance firm Swiss Re has reported a solid third-quarter of net income that has helped to narrow its group net loss for the first nine months of the year, despite further additions to its reserves for the COVID-19 pandemic that have now reached US $3 billion. Swiss Re has delivered positive net income of… Continue reading Swiss Re Lifts COVID Hit to $3B, Reports Q3 Profit & Strong P&C Growth
Swiss Re’s P&C Combined Ratio Deteriorates to 115.8% on COVID-19 Losses
Global reinsurance giant Swiss Re has reported a net loss of $1.1 billion for the first half of 2020 and a Property & Casualty Reinsurance (P&C Re) net loss of $519 million, driven by claims and reserves related to the ongoing COVID-19 pandemic. The reinsurer warned previously of a $1.1 billion loss in the period… Continue reading Swiss Re’s P&C Combined Ratio Deteriorates to 115.8% on COVID-19 Losses
Swiss Re Misses Expectations Amid Storms, U.S. Casualty Claims
Reinsurer Swiss Re reported on Thursday a smaller-than-expected profit in 2019 due to claims for a series of man-made and natural disasters, as well as expenses for its U.S. casualty business, sending its shares lower. Net profit in the year rose 73% to $727 million, up from $421 million in 2018, but analysts had expected… Continue reading Swiss Re Misses Expectations Amid Storms, U.S. Casualty Claims
Swiss Re Shelves Buyback Plans After Big Claims; 9-Month Profit Gains
Swiss Re, the world’s No.2 reinsurer, said on Thursday it would not go ahead with a second tranche of share buybacks due to big claims from natural and man-made catastrophes, after it posted profit in line with expectations for the first nine months. The Zurich-based company highlighted losses from typhoon Faxai in Japan and hurricane… Continue reading Swiss Re Shelves Buyback Plans After Big Claims; 9-Month Profit Gains
Boeing Grounding, Catastrophes Pull Down Swiss Re First-Half Profit
Swiss Re on Wednesday posted a 5.3% drop in first-half net profit from a year earlier, dented by claims from natural catastrophes and cases related to the Ethiopian Airlines crash and Boeing 737 MAX fleet grounding. The world’s second-largest reinsurance company also posted a loss in its commercial insurance arm, which is in the process… Continue reading Boeing Grounding, Catastrophes Pull Down Swiss Re First-Half Profit
Large Claims Knock Profit at Reinsurer Swiss Re
Swiss Re’s first-quarter results have fallen short of analysts’ estimates as the reinsurance company was hit by a series of big losses. Analysts had expected profits of $657m, but the actual result was a third less than that at $429m as the company was hit by floods in Australia, $90m of claims from the Ethiopian… Continue reading Large Claims Knock Profit at Reinsurer Swiss Re