Zurich Financial Services saw operating profits and net income drop by a third in the first three months of the year as the Japan earthquakes and tsunami and the slow economic recovery in the US and Europe took hold.
The group today reports a Q1 business operating profit of $849m, down 33% on last year's $1.26bn, and net income after tax of $637m, down 32% on 2010.
"In a quarter marked by natural catastrophes, Zurich again delivered a solid underlying operating performance," CEO Martin Senn said.
The group said results were impacted by the "significant catastrophe events" in the Asia-Pacific region during the first three months of the year, with aggregate losses of some $517m recorded for the five natural disasters in Australia, New Zealand and Japan.
It added the slow economic recovery in the US and much of Europe also impacted results.
Meanwhile, Zurich has extended by a further ten years a Memorandum of Understanding with Deutsche Bank to distribute the group's life and general insurance products in Germany.
"This extension of our existing distribution agreement with Deutsche Bank reaffirms Zurich's position as a leading bank distribution partner," Senn said.
Zurich maintains its capital position and solvency remain strong.
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