Reinsurance company Swiss Re said today that net profit for the first quarter rose a better-than-expected 16%, despite claims of $570m from deadly wildfires in Los Angeles earlier this year.

Profit got a boost from investments and taxes, the company said, and despite a “turbulent start to the year” it said it was confident of hitting its 2025 targets.

The net profit of $1.275 billion in the quarter compares with a profit of $1.096 million a year earlier. Analysts had expected a profit of $938m, according to a consensus forecast.

The wildfires killed nearly 30 people and damaged more than 16,000 structures, charring an area bigger than Paris.

Earlier this week, competitors Munich Re and Hannover Re reported sharp declines in first-quarter profit after a combined €1.7 billion in fire-related claims.

Source: rte