Published August 4, 2017 3:36am EDT | Updated August 4, 2017 4:03am EDT

Swiss Re Profit Drops After Cyclone Debbie Claims, Shares Fall

Swiss Re AG said Friday first-half net earnings fell to $1.21 billion from $1.87 billion in the year ago period. Profit was hurt by $360 million in claims in the wake of Cyclone Debbie that hit the Australian region in late March. The reinsurer's gross written net premiums during the period came in at $18.15 billion, compared with $19.8 billion a year ago. Swiss Re's shares fell 3.4% following the release of the results.