WASHINGTON (dpa-AFX) - Reinsurer Swiss Re (SSREY.PK) reported that its net loss for the first nine months of 2020 was $691 million compared to net income of $1.34 billion in the prior year.
Excluding the impact of COVID-19 losses, net income increased to $1.6 billion from $1.3 billion for the prior-year period, which reflected the improved underlying performance of the businesses.
Net premiums earned and fee income grew to $30.16 billion from $28.44 billion last year.
The company said its capital position is very strong, allowing us to pursue profitable growth as prices develop favourably across both our P&C Re and Corporate Solutions businesses.
Excluding COVID-19 claims and reserves, P&C Re's net income was $1.0 billion in the first nine months of 2020, up from $880 million in the prior-year period.
L&H Re's net income excluding COVID-19 claims and reserves was $620 million in the first nine months of 2020, supported by a strong investment result with an ROI of 3.7%.
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