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Swiss Re swings to 2021 profit but still feels pandemic effect -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Reinsurer Swiss Re’s Headquarters can be seen along the banks Lake Zurich in Zurich on February 21, 2019, 2019. REUTERS/Arnd WIegmann

FRANKFURT (Reuters) -Swiss Re swung to a smaller-than-expected full-year profit in 2021, the reinsurance company said on Friday, marking a partial rebound from the coronavirus pandemic despite big claims from natural disasters.

COVID-19 losses to its life and health division, which were due to an increase of deaths in the United States, dragged profit down.

Comparable to an $878 million net loss a year ago, the 2021 net profit was $1.437 trillion. According to the consensus report by Swiss Re (OTC), analysts had predicted a profit in 2021 of $1.854billion.

From 2020 which was even worse hit by the pandemic, insurers have rebounded.

Insurers around the globe were hit hard by the devastating storms that struck the United States and the cold snaps that followed. 2021 was the most expensive year ever.

Christian Mumenthaler, Chief Executive Officer of Swiss Re said that 2021 was a turning point.

This company proposes a dividend in the amount of 5.90 Swiss Francs per share ($6.39)

($1 = 0.9230 Swiss francs)

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