Swiss Re, the insurance behemoth, reports a 580% increase in full-year earnings and alerts customers about climate-related costs.

By flymultimediaghana Mar11,2024
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Swiss Re reported a $3.2 billion net profit for the entire year on Friday, up over 580% from the previous year.

Swiss Re, the insurance behemoth, reports a 580% increase in full-year earnings and alerts customers about climate-related costs.
Swiss Re, the insurance behemoth, reports a 580% increase in full-year earnings and alerts customers about climate-related costs.

 

The company’s statistics show a significant turnaround from 2022, when it was dealing with rising inflation, Hurricane Ian-related claims in Florida, and losses due to the coronavirus outbreak.

Christian Mumenthaler, CEO of Swiss Re, issued a warning, stating that consumers would soon be paying a price for the climate catastrophe for the first time.

Christian Mumenthaler, CEO of Swiss Re, makes motions on January 18, 2024, at a World Economic Forum (WEF) annual conference in Davos.

The insurance behemoth Swiss Re announced a substantial increase in full-year earnings on Friday, citing favorable market conditions following a “batch of bad years.”

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An LSEG-compiled consensus states that the Zurich-based company’s full-year net profit of $3.2 billion was in line with expectations. In comparison to the $472 million profit of the previous year, it represented an almost 580% rise.

Swiss Re suggested raising its dividend by 6% to $6.80 per share in 2023.

The company’s statistics show a significant turnaround from 2022, when it was dealing with rising inflation, Hurricane Ian-related claims in Florida, and losses due to the coronavirus outbreak.

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