Swiss Re: posts loss on high Covid-19 claims

(CercleFinance.com) - Swiss Re on Friday reported a net loss of 1.
1 billion dollars for the first half of 2020 after booking claims and reserves of 2.5 billion dollars relating to the Covid-19 crisis.

Excluding the impact of losses from the pandemic, net income was 865 million dollars, the Zurich-based reinsurer said.

The company said premiums earned and fee income fell to 18.2 billion dollars, from 19.3 billion dollars in the same period a year ago.

On a positive note, Swiss Re said it expects the claims and reserves that it has booked in the first half to cover the majority of its ultimate Covid-19 losses.

The shares were up 1.4% on the news.

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