Reinsurer Swiss Re Ltd. (SSREY.PK) reported Thursday higher profit in its fiscal 2024, driven by growth in Insurance revenue.
For the year, IFRS net income was $3.24 billion, higher than last year's $3.14 billion. Insurance revenue for the Group amounted to $45.60 billion, compared to $43.90 billion in 2023.
Net income was $1.1 billion for the fourth quarter.
Further, the company said its Board of Directors will propose a dividend increase of 8% to $7.35 per share at the Annual General Meeting on April 11.
Looking ahead, for fiscal 2025, Swiss Re continues to expect net income of more than $4.4 billion, while L&H Re targets a net income of $1.6 billion.
Swiss Re estimates its preliminary claims from the wildfires which affected Los Angeles to be less than $700 million, which will impact Group results in the first quarter of 2025.
It's estimate for the preliminary total insured market loss from the wildfires is around $40 billion.
Separately, Swiss Re announced that Kera McDonald, currently Chief Underwriting Officer of Swiss Re Corporate Solutions, is appointed Group Chief Underwriting Officer as of June 1, subject to regulatory approval.
Further, Group Chief Risk Officer Patrick Raaflaub has decided to retire by the end of September 2025.
The succession process is currently in progress, and the firm will announce a successor in due course.
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