Swiss Re shifts to better than expected first quarter net profit By Reuters

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

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

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

Swiss Re and its competitors have faced significant pandemic-related claims, such as those for canceled events. Swiss Re recorded its first loss last year since the 2008 financial crisis.

But the company expects to regain profits this year, executives said.

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

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

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