ZURICH: Swiss reinsurance giant Swiss Re said Friday its net profits jumped more than six fold last year due to lower outgoings on natural catastrophes and said the outlook for 2024 is even better.

Net profits for 2023 came in at $3.2 billion, as payouts for large-scale natural catastrophes in the group’s property and casualty reinsurance division fell to $1.3 billion.

They had totalled $2.7 billion in 2022 under the weight of costs caused by Hurricane Ian and flooding in Australia and South Africa.

Property and casualty reinsurance, Swiss Re’s largest division, posted profit of $1.9 billion for 2023, up from $312 million the previous year.

The life reinsurance division posted a profit of $976 million, while the commercial solutions division earned $678 million.

The group, which insurers other insurers, also benefited from rising interest rate rises and a rate of investment return of 3.4 percent, up from two percent.

For 2024, the group reaffirmed targets disclosed in early December, saying it expects net profit to come in at above $3.6 billion due to a change in accounting standards better reflecting the contribution of life reinsurance.

It is furthermore targeting $1.5 billion in profit from life reinsurance.