Swiss Re In The Red Due To Covid Claims
Zurich, (UrduPoint / Pakistan Point News - 19th Feb, 2021 ) :Swiss reinsurance giant Swiss Re plunged into the red in 2020 under the weight of pandemic-related compensation, posting a heavier-than-expected net loss of $878 million on Friday.
Excluding Covid-19 compensation claims and pre-tax reserves, group net income rose to $2.2 billion.
"The Covid-19 pandemic continues to affect communities and businesses across the globe. The start of vaccination efforts brings hope that the situation will improve soon," said Swiss Re's group chief executive Christian Mumenthaler.