Swiss Re AG (SREN.EB) said Thursday that its net profit weakened last quarter from a year earlier, as the company cited insurance payments related to Cyclone Debbie in Australia and "pressures from a challenging business environment."
The Zurich-based reinsurance giant said net profit in the fourth quarter fell to $656 million from $1.23 billion in the same period a year earlier. The figure was in line with consensus forecasts of $652 million, according to Baader Helvea Equity Research.
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Gross premiums fell to $10.2 billion last quarter from $11.4 billion in the first quarter of 2016.
The company said it expects insurance claims related to Cyclone Debbie to amount to around $350 million.
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(END) Dow Jones Newswires
May 04, 2017 03:39 ET (07:39 GMT)