Zurich Insurance Net Profit Misses Expectations
August 10 2023 - 1:34AM
Dow Jones News
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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