Swiss Re said that Jan. 1 reinsurance renewals resulted
in an 18% increase in prices.
(Reporting by Tom Sims and Oliver Hirt, Editing by Rachel More)
(Updates with details)
FRANKFURT, Feb 17 (Reuters) - Reinsurance company Swiss
Re said on Friday that net profit for 2022 fell 67% as
it faced claims from Hurricane Ian in Florida, pandemic losses,
and high inflation, but it sees a big jump in 2023 profit.
Net profit of $472 million in the period compares with a
profit of $1.437 billion a year earlier. Analysts had expected a
profit of 450 million, according to a consensus forecast.
For 2023, Swiss Re said it was aiming for net profit of more
than $3 billion, helped by fewer COVID-19 claims and higher
interest rates.
"2022 was a challenging year, marked by the war in
Ukraine, surging inflation, the tail end of the COVID-19
pandemic and elevated natural catastrophe losses. We have
focused on addressing these challenges proactively," Chief
Executive Christian Mumenthaler said.
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