Swiss Re: posts quarterly loss on investments, P&C unit

(CercleFinance.com) - Swiss Re, one of the world's biggest reinsurers, swung to a first-quarter net loss on heavy underwriting and investment charges, reflecting the impact of the COVID-19 crisis.


For the three months to 30 March, the company posted a net loss of 225 million dollars, compared with a net profit of 429 million dollars a year ago.

Market turbulence was responsible for a loss of approximately 300 million dollars, the group said, which also booked a pre-tax charge of 476 million dollars for its property and casualty businesses.

First-quarter results were also hit by the mark-to-market valuation of Phoenix Group shares, which Swiss Re will receive upon completion of the ReAssure sale, it said.

Swiss Re shares were down 2.5% on he Zurich Stock Exchange after these results.

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