Swiss Re reports a significantly higher net profit last year thanks to improved performance in the property and casualty reinsurance segment. The Zurich-based reinsurer announced on Friday that it achieved a net profit of $3.21 billion, compared to $472 million in 2022.

For 2023, the company is targeting a profit of over 3 billion, while analysts surveyed by FactSet had forecasted 3.27 billion dollars. The property and casualty reinsurance segment was the largest profit contributor with 1.86 billion dollars, while the life and health insurance as well as corporate solutions divisions also recorded higher profits.

The damage cases from natural disasters amounted to 1.3 billion dollars last year, below the budget of 1.7 billion dollars, according to the company. Premium income and fee income increased from 43.12 billion to 45 billion dollars.

Swiss Re also reported that contract renewals worth $13.1 billion were signed on January 1st, representing a volume increase of 9% compared to the previous year, and achieving a price increase of 9%.

The company has maintained its profit target for 2024 of over $3.6 billion. The board of directors proposed a dividend of $6.80 per share for 2023, an increase of 6% compared to the previous year.