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Swiss Re 2023 net profit surges, in line with expectations
Global Banking & Finance Review®
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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.
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)
Net profit is the amount of money a company earns after all expenses, taxes, and costs have been deducted from total revenue. It is a key indicator of a company's profitability.
A dividend is a portion of a company's earnings distributed to its shareholders, typically in the form of cash or additional shares. It represents a return on investment for shareholders.
Reinsurance is a financial arrangement where an insurance company transfers a portion of its risk to another insurer to reduce the likelihood of paying a large obligation resulting from an insurance claim.
Claims are requests made by policyholders to their insurance company for compensation for a loss covered by their insurance policy. Claims can arise from various incidents, such as accidents or natural disasters.
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