Swiss Re In The Red Due To Covid Claims

Fahad Shabbir (@FahadShabbir) Published February 19, 2021 | 06:00 PM

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 Zurich-based firm had posted a net profit of $727 million in 2019.

The fees and sums set aside to cover the costs resulting from the coronavirus pandemic amounted to $3.9 billion, said the group, which acts as an insurer for insurers.

"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.