Zurich Insurance reported slightly higher-than-expected annual operating profit on Thursday, as insurers ride out the impact of climate disasters and wars.

Zurich Insurance expects that the devastating wildfires that struck southern California in January will lead to $200 million in pretax losses, the Swiss insurer said as it reported better-than-expected results for 2024.

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.