Frankfurt (Reuters) – The SWISS Re reinsurer announced on Friday an increase of 16% of its net profit in the first quarter, exceeding expectations, despite claims of $ 570 million (508.34 billion euros) linked to fires occurred earlier in the year in Los Angeles.
The profit was supported by investment performance and taxes, said the group, who said he was confident of achieving its 2025 objectives despite a “turbulent start of the year”.
Net profit in the first quarter was $ 1.275 billion, compared to $ 1.096 million a year earlier. Analysts expected a profit of $ 938 million, according to a consensus.
The fires that occurred at the beginning of the year in Los Angeles killed more than two dozen people and destroyed or damaged more than 16,000 structures.
“The first quarter of 2025 was marked by important claims in our damage insurance activities,” said Managing Director Andreas Berger.
At the start of the week, its competitors Munich Re and Hannover Re reported a sharp drop in their profits in the first quarter, due to fire -related claims in Los Angeles, for a total amount of 1.7 billion euros.
(Written by Tom Sims, Elena Smirnova, edited by Augustin Turpin)
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