Swiss Re: 691 million USD of net loss in the first nine months of 2020

SWISS RESwiss Re is facing some challenges. The Swiss reinsurer has sustained a net loss of 691 million USD 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 USD (before tax), the net result would be set at 1.6 billion USD.

As of 30 September 2020, the Property & Casualty (P&C) activity showed a net deficit of 201 million USD. The direct insurance entity, Corporate Solutions, also recorded a deficit of 323 million USD. The Life Capital entity made no exception as it ended the three quarters with a net deficit of 136 million USD.

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

Read also | Munich Re: decrease of the net result in Q3 2020

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