Swiss Re 2023 net profit surges, in line with expectations

FRANKFURT (Reuters) -Reinsurance company Swiss Re said on Friday that net profit for 2023 surged 580%, in line with expectations, as it recovered from a difficult period a year earlier.

The net profit of $3.214 billion for the year compares with a profit of $472 million a year earlier. Analysts had expected a profit of $3.263 billion, according to a consensus forecast.

The profit marks a recovery from 2022, when the company was absorbing claims from Hurricane Ian in Florida, and as the war in Ukraine, inflation and volatile markets also dampened performance.

The company proposed a 6% increase in its dividend to $6.80 per share.

“We achieved all our financial targets in a year that was characterised by geopolitical turbulence and continued economic uncertainty,” said Chief Executive Officer Christian Mumenthaler.

(Reporting by Tom SimsEditing by Miranda Murray)