(RTTNews) – Swiss Re Group (SSREY.PK) reported Friday that its first-quarter Group net income was $333 million, compared to last year’s loss of $225 million.

The strong underlying performance of all businesses more than offset losses related to COVID- 19 and large natural catastrophes. Excluding COVID-19-related claims and reserves, Swiss Re’s net income was $843 million, up from $158 million a year ago.

Property and Casualty Reinsurance or P&C Re net income was $477 million, significantly higher than last year’s $61 million. Excluding COVID-19 impacts, P&C Re’s net income was $509 million. Life and Health Reinsurance net loss was $184 million. Excluding COVID-19 losses, net income was $270 million.

Consolidated net premiums earned and fee income increased to $10.21 billion from last year’s $9.59 billion.

P&C Re’s net premiums earned increased 5.7 percent to $5.0 billion. Life and Health Reinsurance net premiums earned and fee income increased 13.8 percent to $3.8 billion.

Looking ahead, Swiss Re’s Group Chief Executive Officer Christian Mumenthaler said, “We have seen a solid start to 2021 and expect all our businesses to continue delivering a strong underlying performance with diminishing COVID-19 losses.”

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