Swiss Re posts 16% quarterly profit rise despite fire claims

Swiss Re Achieves 16% Profit Increase Despite Fire Claims

FRANKFURT (Reuters) -Reinsurance company Swiss Re said on Friday that net profit for the first quarter rose a better-than-expected 16%, despite claims of $570 million from deadly wildfires in Los Angeles earlier this year.

Profit got a boost from investments and taxes, the company said, and despite a "turbulent start to the year" it said it was confident of hitting its 2025 targets.

The net profit of $1.275 billion in the quarter compares with a profit of $1.096 million a year earlier. Analysts had expected a profit of $938 million, according to a consensus forecast.

The wildfires killed nearly 30 people and damaged more than 16,000 structures, charring an area bigger than Paris.

"The first quarter of 2025 was marked by significant large loss events in our property and casualty businesses," Executive Officer Andreas Berger said.

Earlier this week, competitors Munich Re and Hannover Re reported sharp declines in first-quarter profit after a combined 1.7 billion euros ($1.91 billion) in fire-related claims.

($1 = 0.8920 euros)

(Reporting by Tom Sims, Editing by Friederike Heine)