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Swiss Re Scores Profit Despite COVID Death Claims, Catastrophe Losses
Swiss Re reported consolidated net income of USD 333 million in the first quarter of 2021, despite heightened losses in its life and health reinsurance business related to COVID and property and casualty reinsurance losses from U.S. catastrophes.
The company said the strong underlying performance of all businesses more than offset losses related to COVID- 19 (USD 643 million) and large natural catastrophes (USD 426 million).
Excluding COVID-19-related claims and reserves, Swiss Re’s net income was USD 843 million.
The quarter marked a return to profitability for its property/casualty reinsurance business as well as its commercial insurance business unit Corporate Solutions.
Swiss Re life and health Q1 results reflect big COVID-19 hit
30-04-2021
20-09-2017
Swiss Re’s Q1 2021 results show that its life and health business has taken a significant hit due to COVID-19. However, the reinsurer said that strong underlying performance of all businesses more than offset these losses.
The group’s first-quarter net profit was $333 million, compared to a loss of $225 million in Q1 2020. For property and casualty reinsurance its net profit was $477 million, compared to $61 million for Q1 2020, and the combined ratio was 96.5 percent, as compared to 110.8 percent for 2020. Its life and health business made a loss of $184 million for Q1 2021, compared to net profit of $299 million in 2020.
EQS-News: Swiss Re erzielt im ersten Quartal 333 Mio. USD Gewinn dank einer | Newsticker fuw.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fuw.ch Daily Mail and Mail on Sunday newspapers.
A federal judge has thrown out a lawsuit that claimed private prisons used by the state violate constitutional protections including a prohibition against slavery.
Judge Douglas Rayes rejected arguments made by attorneys for the NAACP that because the private prisons benefit financially from their contracts with the state they are getting the fruits of prisoners economic value and labor.
The lawyers argued that those contracts have effectively transformed the prisoners into property.
Judge Rayes also dismissed complaints regarding Eighth Amendment violations of unusual punishment as well as claims that the inmates are being denied equal protection.
Attorney John Dacey said he will almost certainly file an amended complaint on behalf of the plaintiffs within the next 30 days.