Zurich-based Swiss Re posted a net profit of more than $1.25 billion in the first nine months of the year, according to a statement Friday. This comes after a loss in the same period last year.

Earnings took a hit from the pandemic and from several catastrophic events. Without the pandemic profits would have been above $2.26 billion.

Life Insurance Hit 

Property reinsurance, which is its core business, achieved a net profit of $1.46 billion. Premiums were up from the same period a year earlier and the combined ratio improved to 97.5 percent.

In its corporate business corporate solutions, Swiss Re earned $425 million, while its life reinsurance business posted a $62 million loss due to the corona crisis.

Swiss Re sees itself on track to reach its targets. CEO Christian Mumenthaler said management was confident for 2022 «with all businesses well positioned to continue their strong performance.»