The reinsurer reversed back into profitable territory and flagged diminishing losses due to the pandemic.
Zurich-based Swiss Re turned a profit of $1.05 billion in the first six months, after a loss $1.14 billion year-ago amidst reserves against losses linked to Covid-19 claims, it said in a statement on Friday. Premiums climbed nearly eight percent to $20.8 billion, it said.
The reinsurer, overseen by ex-UBS CEO Sergio Ermotti, had swung into unprofitable territory in the first half of last year, weighed by a hefty loss in its corporate solutions unit, as well as property and casualty reinsurance dipping into the red.
While Swiss Re said its Covid-19 losses are fading, it flagged two so-called significant events this month: flooding in Europe and social unrest in South Africa. The company said the two is likely to incur a mid-sized triple-digit million loss in the current quarter – which is within its expectations.
