Swiss Re Swung to Loss in 1Q

   By Giulia Petroni

Swiss Re AG said Thursday that it swung to a loss in the first quarter of the year due to the impact of coronavirus on the underwriting and investment results.

The Swiss reinsurer said it registered a net loss of $225 million from a profit of $429 million a year earlier, while net premiums earned rose to $9.59 billion from $8.93 billion.

Quarterly results were also negatively affected by a market-to-market charge of $251 million pre-tax on the sale of ReAssure Group PLC due to the decline in Phoenix Group Holdings PLC's share price. The sale of the company is on track and expected to close in mid-2020, the reinsurer said.

"Swiss Re's business remains resilient despite the financial impact of the crisis on our results," says Chief Executive Christian Mumenthaler.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 30, 2020 01:40 ET (05:40 GMT)

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