Swiss Re 2022 net profit down 67%; sees brighter outlook for 2023
Reuters
Published Feb 17, 2023 06:40
FRANKFURT (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.
Swiss Re said that Jan. 1 reinsurance renewals resulted in an 18% increase in prices.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.