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 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.

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