Swiss Re Q1 net profit unexpectedly up 19% on low disaster claims
Swiss Re's First Quarter Financial Performance
ZURICH, May 7 (Reuters) - Reinsurance company Swiss Re said on Thursday that net profit for the first three months of the year rose 19%, beating expectations for a decline and helped by low claims from natural disasters.
Net Profit and Analyst Expectations
• Net profit of $1.513 billion in the period compares with a profit of $1.275 billion a year earlier.
• Analysts had expected a profit of $1.193 billion, according to a consensus forecast.
CEO Statement on Earnings
• "Swiss Re delivered strong earnings in the first quarter, putting us on a good path towards our 2026 financial targets," CEO Andreas Berger said.
Reserves and Financial Measures
• The company set aside around $400 million in reserves related to the conflict in the Middle East. Finance chief Anders Malmstroem said that the reserve was needed to counter higher inflation resulting from the conflict in the wake of rising supply chain disruptions and higher energy prices.
Contract Renewals and Pricing
• Prices for April contract renewals were down a nominal 2.5% and a net 6.1%.
Reporting Credits
(Reporting by Tom Sims in Frankfurt and Marleen Kaesebier in Zurich, editing by Friederike Heine and Thomas Seythal)
