Coronavirus

Swiss Re reports net loss of £179m in Q1 results

Insurance group Swiss Re has reported a net loss of $225m (£179m), compared with $429m (£342m) in 2019, in its first quarter attributing the coronavirus pandemic on the underwriting and investment results.

Swiss Re reported a pre-tax charge of $476m (£380) for the property and casualty businesses, as well as Property and Casualty Reinsurance (P&C Re) net income of $61m (£48.7m) despite losses related to Covid-19.

Life & Health Reinsurance (L&H Re) net income of $299m (£239m); return on equity (ROE) of 15.8%.

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The company also reported a corporate Solutions net loss of $167m (£133m), but also reported a “strong” return on investments (ROI) of 3.2%; running yield of 2.5%.

Swiss Re’s group chief executive officer Christian Mumenthaler, said: “The COVID-19 pandemic has had a deep impact on society, governments and businesses across the globe. Our heartfelt sympathies go to those who have lost a loved one or have otherwise suffered in the crisis. 

“These difficult times reinforce our resolve to continue working towards Swiss Re’s vision – making the world more resilient. We do this each day by handling claims, renewing contracts, sharing our knowledge and innovating.”

He added: “Swiss Re’s business remains resilient despite the financial impact of the crisis on our results. And our industry-leading capital position means we will weather this situation as a strong partner for our clients.”

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