FRANKFURT (Reuters) - Reinsurance company Swiss Re said on Thursday that claims from wildfires in Los Angeles would be less than $700 million and would impact its first quarter results.

The wildfires in January killed more than two dozen people and destroyed or damaged more than 16,000 structures, charring an area bigger than Paris.

Swiss Re provided the estimate as part of its 2024 earnings report, which showed a 3.1% rise in net profit from a year earlier.

Net profit was $3.24 billion, compared with $3.14 billion a in 2023. Analysts had expected a profit of $3.13 billion, according to a consensus forecast.