(Course development updated)
Zurich (dpa -AfX) – Despite the forest fires in California, the reinsurer Swiss Re has given a surprising leap in profits. The Swiss people were doing better than their great German competitors. The bottom line was that the company earned almost $ 1.3 billion in the first quarter (a good 1.1 billion euros) and thus 16 percent more than a year earlier, as was announced in Zurich on Friday. Analysts had expected an average decline to less than $ 1 billion. According to the analyst, Hardcastle of the Swiss bank UBS is based on the surprisingly strong results of the insurer, however, majority on one -time effects.
In the afternoon, the Swiss-Re share gave up 1.2 percent as a weakest values in the SMI. In the morning she had temporarily increased by more than two percent. The course has increased by 12.7 percent since the beginning of the year and is currently a little below the multi -year high of CHF 153.65, which the share had reached at the end of March.
The paper, like the shares of the two German competitors Munich Re (Munich Rückversicherungsgesellschaft) and Hanover Rück, was in great demand in recent years. Since the beginning of 2020, Swiss Re has increased by 135 percent, while Munich Re rose by almost 200 and Hannover by a good 100 percent.
Natural disasters together cost the group of $ 570 million in the first quarter (509 million euros). The majority of the forest fires in the Los Angeles area, which, according to Swiss Re, should cost the insurance industry around $ 40 billion.
World market leader Munich Re (Munich reinsurance company) had booked 1.1 billion euros in damage because of the fire in the Los Angeles area alone. The third industry in the industry also cost the catastrophe with 631 million euros more than the Swiss rival.
SWISS-Re-Finanz boss Anders Malmström declared the leap in profits by the fact that the group had been disciplined at the conclusion of reinsurance contracts. In addition, the investments threw 4.4 percent more than a year earlier.
Meanwhile, Swiss Re was able to enforce 1.5 percent higher prices in the recent contractual renewal with first insurers such as Allianz and Generali (Assicurazioni Generali). However, it also expects 3.7 percent higher damage. Munich Re and Hanover Rück recently reported sunken prices for reinsurance protection, but their information was adjusted for changed risks and inflation.
CEO Andreas Berger was “confident after a turbulent start of the year” to achieve the goals of Swiss Re for the current year. For 2025, the manager made a profit of more than $ 4.4 billion. That would be more than a third more than in the previous year./Stw/tav/zb/jha/he
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