Swiss Re posted a group net income of $333 million in the first three months of this year. According to the reinsurer, its net income would have amounted to $843 million if not for claims and reserves related to the pandemic.
It was noted though that COVID-19 and large natural catastrophe losses worth $643 million and $426 million, respectively, were more than offset by Swiss Re’s robust underlying performance.
In Q1, the company’s property and casualty reinsurance operations enjoyed a net income of $477 million. Corporate solutions also proved profitable, with $96 million in net income.
Life and health reinsurance, however, suffered a $184 million net loss. The unit’s net income would have been $270 million if coronavirus losses were excluded.
“The start of 2021 has seen record numbers of COVID-19-related deaths in many countries, and our thoughts go out to those who have lost a loved one,” said Swiss Re group chief executive Christian Mumenthaler. “The devastating human toll of the pandemic is also reflected in the financial results of Swiss Re as the world’s largest life and health reinsurer.
“As we continue to support our clients and communities affected by the pandemic, the underlying performance of all our businesses remains very strong and underpins our confidence.”
Meanwhile, with diminishing COVID-19 losses, Mumenthaler expects all Swiss Re businesses to continue delivering a strong underlying performance.
“I am particularly encouraged by the improving profitability in our property and casualty businesses,” he added, “supported by strong renewals year to date in improving market conditions.”