Switzerland-based insurer Swiss Re announced a group net loss of $225m for the first quarter of this year due to the impact of the Covid-19 pandemic.
The firm stated that its net income could have been $158m, if the impact of Covid-19 was excluded.
It recorded a pre-tax charge of $476m for property and casualty businesses in the quarter.
First-quarter results were also adversely impacted by the mark-to-market valuation of Phoenix Group Holdings shares.
Swiss Re will receive Phoenix Group Holdings shares when the sale of its subsidiary ReAssure is complete.