Swiss Re in the first quarter reduced its net profit by 6.1%

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The Swiss reinsurance company Swiss Re reported in the first quarter about a decrease in net profit by 6.1% compared to the same period a year earlier to $429 million. According to economists, it was expected to grow to 657 million dollars. The decline was due to large payments for insurance claims related to floods in northern Queensland in Australia, the Cydone Idai in Mozambique, as well as the crash of Ethiopian Airlines Boeing 737 MAX aircraft. The property and accident insurance division recorded a drop in net profit to $13 million from $345 million in the same period of 2018. Net premiums rose by 5.5% to $8.8 billion. The corporate solutions division during the earnings period received a loss of $55 million, while a year earlier reported a profit of $41 million. Profit division life insurance and health insurance rose to 328 million dollars.

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