Swiss Re Reports Larger-Than-Expected Annual Loss of US$878 Million
February 19, 2021
Swiss Re swung to a larger-than-expected annual loss on Friday, pressured by $3.9 billion in claims and reserves related to the coronavirus pandemic, but declared a dividend as the reinsurer expects a return to profit in 2021.
Swiss Re and its competitors have faced large claims from the pandemic, such as those for canceled events, as well losses from hurricanes and wildfires in the United States.
“We are confident in the outlook for 2021 with COVID-19 losses mostly behind us,” Chief Executive Christian Mumenthaler said, adding the rollout of COVID-19 vaccines provided hope.