Swiss Re Profits Up Despite Losses from California Wildfires

Swiss Re AG’s profit rose in the first quarter as losses from the California wildfires were offset by positive performance across the business.

Net income increased to $1.3 billion from $1.1 billion a year earlier, well ahead of the $952 million analysts had estimated.

The result “gives us confidence in our 2025 targets despite a challenging environment,” Chief Executive Officer Andreas Bergersaid in a statement on Friday.

Since Berger took office last July, Swiss Re has raised reserves in its US Property & Casualty business, in a move welcomed by analysts.

The reinsurer said large natural catastrophe claims amounted to $570 million in the first quarter, mainly from the Los Angeles wildfires. That was less than its own previous estimate of $700 million. It also reported man-made losses of $140 million for the same period.

The LA wildfires accounted for an estimated $65 billion in economic losses and up to $40 billion in total insured losses, reinsurance broker Gallagher Re said in a preliminary report last month. It was the first time on record that a wildfire was the costliest global peril in a first quarter, it added.

The increase in natural catastrophes has coincided with a rapid rise in global temperatures. Last year was the planet’s hottest year on record.

Photograph: A firefighter battles the Eaton Fire in Altadena, California, in January 2025; Photo credit: Jill Connelly/Bloomberg