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 ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
