Fourth-quarter profit climbed to $685 million, after a $424 million loss in the same quarter the previous year.

The insurer proposed an unchanged dividend of 17 Swiss francs for the year.

“We are on track to create a simpler structure, underpinned by smart investment and greater customer focus, that will ensure we are equipped to realize the Group’s full potential,” Chief Executive Mario Greco said in a statement.

“These results show what we can accomplish and are an excellent start to achieving our 2019 financial targets.”

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