Zurich Insurance Group's 2017 Net Profit Fell on Natural-Disaster Losses

   By Sonia Amaral Rohter

Zurich Insurance Group AG (ZURN.EB) said Thursday that its 2017 net profit decreased due to higher levels of natural-catastrophe losses, charges related to restructuring, and a one-off item related to changes to U.K. capital gains relief.

The company reported a net profit of $3.00 billion in 2017 compared with $3.21 billion in 2016. Business operating profit decreased 15% to $3.80 billion, it said.

Gross written premiums--the total premium before deductions for reinsurance or ceding commissions--for the year at the Swiss-based insurer's property and casualty division came to $33.02 billion in 2017 compared with $33.12 billion in 2016.

Hurricanes Harvey, Irma and Maria had a $700 million impact on 2017 business operating profit, Zurich Insurance said, while charges related to restructuring came to $143 million. In 2017 the insurer also reported a one-off item related to a change in capital gains indexation relief announced in the U.K.'s 2017 budget.

Zurich Insurance proposed a 2017 dividend of CHF18 per share compared with CHF17 per share in 2016.

The company said that, in line with its anti-dilution policy, it plans to repurchase approximately $1 billion of shares, some of which will be bought on the market.

Write to Sonia Amaral Rohter at sonia.amaralrohter@dowjones.com

(END) Dow Jones Newswires

February 08, 2018 01:55 ET (06:55 GMT)

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