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Swiss Re Balances At First Quarter Net Profit Better Than Expected By Reuters

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© Reuters. The logo of the insurance company Swiss Re is seen on the front of its headquarters in Zurich.

FRANKFURT (Reuters) – Swiss Re (OTC 🙂 posted a net gain in the first three months of the year in better-than-expected numbers as it recovers from the impact of the coronavirus pandemic, the reinsurer said on Friday.

Net income was $ 333 million during the period, compared to a loss of $ 225 million a year earlier. Analysts had expected a small loss, according to a consensus forecast.

Swiss Re and its competitors have faced large claims from the pandemic, such as canceled events. Swiss Re last year posted its first loss since the 2008 financial crisis.

But the company expects to turn a profit again this year, executives said.

“We have seen a strong start to 2021 and we expect all of our businesses to continue to deliver strong underlying performance with decreased losses from COVID-19,” Chief Executive Christian Mumenthaler said in a statement.

Swiss Re said nominal prices for its April contract renewals rose 4%, offsetting low interest rates.

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