We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Zurich Insurance Group Limited (QX) | USOTC:ZURVY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.32 | 0.66% | 48.45 | 48.45 | 48.69 | 48.5999 | 48.11 | 48.30 | 65,997 | 21:17:32 |
By John Letzing
ZURICH-- Zurich Insurance Group AG said restructuring charges and a decline in capital gains weighed down on its profit in the first half of the year as the Swiss insurer presses ahead with a turnaround effort under its recently installed chief executive.
The Zurich-based company said on Thursday that net profit fell 12% to $739 million in the three months to end-June from $840 million in the same period last year. Analysts had expected net profit of $673 million.
Shares of Zurich Insurance rose 3% in early trading.
Total business volumes, a measure of gross written premiums, policy fees and other items, rose 7% compared with the year-ago quarter, to $18.47 billion, Zurich Insurance said.
For the first half of the year, however, net capital gains fell more than 30% to $835 million compared with the same period last year. The company incurred $230 million in restructuring costs in the first half of 2016, Chief Financial Officer George Quinn said during a call with reporters.
The company said its total return on investments in the second quarter was 2%, compared with a negative return of 2.5% in the same quarter last year.
In March, former Assicurazioni Generali SpA Chief Executive Mario Greco assumed the chief executive role at Zurich Insurance after a difficult period for the Swiss insurer under Mr. Greco's predecessor, Martin Senn.
Mr. Greco, who earlier had been a Zurich Insurance executive, has pledged to restore "the credibility of the company."
During the call with reporters on Thursday, he reiterated his plans to lay out a broad, new strategy for the insurer in November. "Allow me to take my time," Mr. Greco said.
Zurich Insurance's largest business, general insurance, which the company has sought to revamp, posted a 1% fall in gross written premiums and policy fees in the first half of the year compared with the same period last year, to $18.5 billion, the company said Thursday.
The general insurance business reported a 3% gain in business operating profit in the first half, compared with the same period last year, while its combined ratio remained relatively flat at 98.4%. Zurich Insurance noted that the unit's figure compares favorably with the 103.6% reported for all of 2015.
The combined ratio is a measure of how much is paid on claims and costs for each dollar earned. A ratio of less than 100% means that an insurance company's underwriting business is profitable.
Write to John Letzing at john.letzing@wsj.com
(END) Dow Jones Newswires
August 11, 2016 03:45 ET (07:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
1 Year Zurich Insurance (QX) Chart |
1 Month Zurich Insurance (QX) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions