Swiss Re: shares fall as preliminary results miss forecasts

(CercleFinance.com) - Swiss Re shares fell on Thursday after the world's largest reinsurer gave preliminary results that missed analysts' expectations.


The firm said that claims and reserves relating to the Covid-19 crisis are expected to reach 2.5 billion dollars across the group, resulting in a net loss of approximately 1.1 billion dollars in the first half of 2020.

Meanwhile, the consensus estimated 1.1 billion dollars of Covid-19 losses in the first half.

Swiss Re also announced the completion of the sale of its subsidiary ReAssure to Phoenix Group after receiving all regulatory and antitrust approvals, which reinforced its capital position.

Its shares, however, were down around 1.5% after these announcements.

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