FRANKFURT: Reinsurance company Swiss Re said on Friday that net profit for 2022 fell 67% as it faced claims from Hurricane Ian in Florida, pandemic losses, and high inflation, but it sees a big jump in 2023 profit.

Net profit of $472 million in the period compares with a profit of $1.437 billion a year earlier. Analysts had expected a profit of 450 million, according to a consensus forecast.

For 2023, Swiss Re said it was aiming for net profit of more than $3 billion, helped by fewer COVID-19 claims and higher interest rates.

“2022 was a challenging year, marked by the war in Ukraine, surging inflation, the tail end of the COVID-19 pandemic and elevated natural catastrophe losses. We have focused on addressing these challenges proactively,” Chief Executive Christian Mumenthaler said.

Swiss Re said that Jan. 1 reinsurance renewals resulted in an 18% increase in prices.