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Swiss Re swings to Q1 internet revenue, higher than anticipated By Reuters 

© Reuters. The brand of insurance coverage firm Swiss Re is seen in entrance of its headquarters in Zurich

FRANKFURT (Reuters) – Swiss Re (OTC:) swung to a internet revenue within the first three months of the yr in figures that have been higher than anticipated, because it recovers from the impression of the coronavirus pandemic, the reinsurer stated on Friday.

Web revenue was $333 million in the course of the interval, in contrast with a $225 million loss a yr earlier. Analysts had anticipated a small loss, in accordance with a consensus forecast.

Swiss Re and its opponents have confronted giant claims from the pandemic, similar to these for cancelled occasions. Swiss Re final yr posted its first loss because the monetary disaster in 2008.

However the firm expects to return to revenue this yr, executives have stated.

“We now have seen a strong begin to 2021 and count on all our companies to proceed delivering a robust underlying efficiency with diminishing COVID-19 losses,” Chief Government Christian Mumenthaler stated in an announcement.

Swiss Re stated that nominal costs of its April contract renewals have been up 4%, offsetting low rates of interest.

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