Zurich Insurance Group AG is expecting pretax losses of $200 million from the January California wildfires as the insurer reported a 5% gain in profit for 2024.
Group operating profit rose to $7.75 billion in the year, the company said in a statement on Thursday, beating the $7.64 billion consensus analyst estimate. Net income increased 34% from a year earlier to $5.81 billion. Shares rose as much as 3.2%.
Related: Farmers Estimates $600M in Losses from LA Wildfires
The estimated wildfire losses come from Zurich’s Farmers division as well its exposure to California through its