By Kim Richters
Swiss Re AG on Friday reported a loss for the first nine months of the year as coronavirus-related reserves and claims weighed on its earnings.
The Swiss reinsurer posted a net loss of $691 million compared with a profit of $1.34 billion for the same period a year earlier.
The company has increased its pandemic-related reserves to a total of $3.0 billion over the course of the nine months, in line with previous forecasts, it said.
"67% of these losses represent incurred but not reported reserves," it said. Excluding the coronavirus effects, nine-months net profit would be $1.64 billion, the company said.
Premiums earned and fee income rose to $30.16 billion from $28.44 billion.
"The uncertainty surrounding many factors related to the pandemic remains high and could impact claims developments in the coming quarters, either positively or negatively," Swiss Re said.
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