Zurich Insurance Net Profit Misses Expectations

   By Mauro Orru

Zurich Insurance Group posted a net profit below analysts' forecasts for the first half of the year.

The Swiss insurer said Thursday that net profit climbed 6% to $2.49 billion. Business operating profit--a closely watched metric by analysts and investors--fell slightly to $3.72 billion from $3.74 billion in last year's first half.

Analysts had forecast a net profit of $2.63 billion and a business operating profit of $3.56 billion, according to a company-provided consensus.

"We've achieved a return on equity that's among the highest in the industry, while minimizing volatility, maintaining a strong balance sheet and taking advantage of the growth opportunities available to us," said Chief Executive Mario Greco.

Zurich's return on equity, or business operating profit return on common shareholders' equity, stood at 22.9%.

Business operating profit from Zurich's core property and casualty division slipped 6% to $2.25 billion, while gross written premiums and policy fees for the business grew 8% to $24.56 billion.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

August 10, 2023 01:19 ET (05:19 GMT)

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