ZURICH, Aug 14, 2025 (BSS/AFP) - Reinsurance giant Swiss Re reported Thursday a sharp jump in net profit for the first half of the year despite the costly wildfires that ravaged Los Angeles.

The group, which serves as an insurer of insurance companies, said its profit after tax reached $2.6 billion in the first six months of 2025, up 24 percent from the same period last year.

Claims from natural disasters totalled $556 million, mainly in connection with the Los Angeles blazes in January, Swiss Re said in an earnings statement.

But claims for large natural catastrophes fell in the second quarter, the company said.

Swiss Re said it was maintaining its earnings target for the full year, with a net profit of $4.4 billion.

"Given the broad geopolitical and macroeconomic uncertainty, and as we enter the peak of the wind season, we remain vigilant," said chief executive Andreas Berger.