Swiss Re: 333 million USD of net profit in Q1 2021

Swiss Re posted a net profit of 333 million USD in Q1 2021 against a net loss of 225 million USD during the same period in 2020.

Such a performance is mainly driven by the P&C activity, whose net result increased by 682% to be set at 477 million USD.

The non-life combined ratio has improved by 14.3 points to stand at 96.5% by late March 2021.

As of 31 March, the group's life entity recorded a deficit of 184 million USD due to the Covid-19 related losses that reached 570 million USD.

Excluding the impact of Covid-19 and natural disasters, which stood at 643 million USD and 426 million USD, the net result would have amounted to 843 million USD during the period under review.