Swiss Re: Hurricane Milton will have an impact on fourth-quarter results

(CercleFinance.com) - Swiss Re warned on Thursday that claims related to Hurricane Milton in the USA would penalize its fourth-quarter results, weighing on its share price in Zurich.


The Swiss reinsurer says, however, that the storm's impact should be less than $300 million, a limited amount in view of the group's net profit target of more than $3 billion for 2024.

For the first nine months of the year, Swiss Re reported a net profit of $2.2 billion, with a third-quarter profit of $102 million due to the recognition of claims reserves in its US property-casualty (P&C) business.

In a press release, the group says it intends to unveil its earnings targets for the 2025 financial year next month.

Following these announcements, Swiss Re shares were down 1% on the Zurich Stock Exchange on Thursday, but still posted a gain of over 26% since the start of the year.

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