FRANKFURT- Reinsurer Swiss Re on Thursday posted a lower-than-expected 73% rise in net profit in 2019, after big claims from natural and man-made catastrophes.
Net profit was $727 million during the period, up from $421 million a year earlier. Analysts had expected a net profit of $1.32 billion, according to Refinitiv.
The Zurich-based company pointed to losses from typhoons in Japan, a hurricane in the Atlantic, wildfires and floods in Australia, and problems with the Boeing 737 MAX fleet.
The corporate insurance arm also lost $647 million in the year, wider than a $405 million loss in 2018.
“We are taking proactive measures to put us at the forefront of adverse trends,” Chief Executive Officer Christian Mumenthaler said.
Swiss Re’s combined ratio in its property and casualty division, a key measure of profitability, worsened to 107.8% versus 104% a year earlier. Readings below 100 indicate profitability. The company had expected the division’s ratio to be about 98% this year.
(Content and photos syndicated via Reuters)