The net incurred losses of Swiss Re [4] amounted to 1.1 billion USD in H1 2020 compared to a net profit of 953 million USD a year earlier. This significant drop is due to the increase in claim notifications related to the coronavirus pandemic and totaling 2.5 billion USD.
As of 30 June 2020, the P&C activity recorded a net loss of 519 million USD against a net profit of 771 million USD, achieved during H1 2019. Due to the pandemic, the P&C class of business has sustained heavy losses reaching 1.5 billion USD.
The life and health activities, posted an 83.8% decline in its net income which was set at 74 million USD.
Swiss Re’s declining result is mainly due to direct insurance with 301 million USD of losses recorded by late June 2020.
However, the group reaffirms its solid capitalization with a solvency ratio (SST) higher than 220%. Swiss Re says it shall be able to respond to the shock caused by the pandemic.
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