Zurich Insurance's First-Half Net Profit Slumped 42%
August 13 2020 - 1:43AM
Dow Jones News
By Martin Mou
Zurich Insurance Group AG said Thursday that first-half net
profit slid 42% due to adverse effects brought on by the Covid-19
pandemic.
Net profit decreased to $1.18 billion, while operating profit
fell 40% to $1.70 billion, the Swiss insurance giant said.
The decline was largely due to an overall Covid-19-related
impact of $686 million and weaker performance of its investments
amid financial-market volatility, the company said.
Life new business annual premium equivalent fell 25%. The key
industry metric known as APE measures new business growth.
Zurich Insurance said it expects full-year net earned premiums
from property and causalty insurance to be around the same level as
2019.
Write to Martin Mou at martin.mou@wsj.com
(END) Dow Jones Newswires
August 13, 2020 01:28 ET (05:28 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Zurich Insurance (QX) (USOTC:ZURVY)
Historical Stock Chart
From May 2024 to Jun 2024
Zurich Insurance (QX) (USOTC:ZURVY)
Historical Stock Chart
From Jun 2023 to Jun 2024
