Swiss Re: 9m loss due to Covid
(CercleFinance.com) - On Friday the reinsurer Swiss Re reported a loss of 691 million dollars for the first nine months of 2020, despite making a net profit of 444 million dollars in Q3.
The Zurich based group justifies its loss by many Covid-19-related claims, which had to be revised downwards to reach 3 billion dollars over the first nine months of the year.
Excluding the impact of coronavirus, Swiss Re would have reported net profit of 1.6 billion dollars at end- September, it said.
The reinsurance company also assures that it has maintained a "very solid" capital position, with a solvency ratio, in defined by the Swiss Solvency Test (SST) exceeding 220% at the end of the third quarter.
Swiss Re nevertheless adopted a cautious approach in its outlook, given the many uncertainties surrounding the pandemic.
However, its publication was apprciated on the Zurich Stock Exchange, with the share up over 2% in early trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The Zurich based group justifies its loss by many Covid-19-related claims, which had to be revised downwards to reach 3 billion dollars over the first nine months of the year.
Excluding the impact of coronavirus, Swiss Re would have reported net profit of 1.6 billion dollars at end- September, it said.
The reinsurance company also assures that it has maintained a "very solid" capital position, with a solvency ratio, in defined by the Swiss Solvency Test (SST) exceeding 220% at the end of the third quarter.
Swiss Re nevertheless adopted a cautious approach in its outlook, given the many uncertainties surrounding the pandemic.
However, its publication was apprciated on the Zurich Stock Exchange, with the share up over 2% in early trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.