Swiss Re Posts H1 Net Loss On COVID-19 Claims And Reserves

(RTTNews) - Swiss Re Ltd. (SSREY.PK) reported net income, excluding COVID-19 claims and reserves, of approximately $0.9 billion in the first half of 2020. Claims and reserves related to COVID-19 was $2.5 billion, resulting in a net loss of approximately $1.1 billion in the first half of 2020. The full first-half results will be published on 31 July 2020.

Swiss Re also reported the completion of the sale of its subsidiary ReAssure Group plc to Phoenix. The company received 1.2 billion pounds and 13.3% stake in Phoenix Group Holdings plc as part of the sale.

Swiss Re's CFO John Dacey said: "Our capital position remains industry-leading. we expect the claims and reserves we have booked the first half of 2020 to cover the majority of our ultimate COVID-19 losses."