Zurich Insurance Group Ltd : Zurich Insurance 2Q Net Profit Drops on Europe Storms, Quake
08/16/2012| 01:20am US/Eastern
By Anita Greil
Zurich Insurance Co. (ZURN.VX) Thursday reported a 19% drop in its second-quarter net profit due to storms in Europe and an earthquake in Italy toward the end of the quarter, as well as weather-related losses in the U.S.
The Swiss insurer said net profit fell to $1.08 billion in the quarter ended June 30 from $1.33 billion a year earlier, slightly better than the $976 million expected by analysts. Revenue, which includes premiums and fees, rose 4% to $17.87 billion.
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