The Zurich insurance giant unveiled mixed figures for its first half. The Covid-19 will cost the company 807 million francs.
Zurich insurance giant’s operating profit (BOP) fell 40% year-on-year to $ 1.70 billion, according to a statement released Thursday (archive).
KEYSTONE/STEFFEN SCHMIDT
Zurich Insurance recorded in the first half of the year the 750 million dollars (807 million francs) that the Covid-19 should cost it in non-life insurance. Its intermediate result and its equity plummet.
Zurich insurance giant’s operating profit (BOP) fell 40% year on year to $ 1.70 billion, according to a statement released Thursday.
In non-life insurance, the combined ratio, which measures the ratio between claims and general expenses on the one hand and premiums on the other, deteriorated by 4.7 percentage points to 99.8 %. This indicator, however, remained below the fateful 100% mark.
Net income was $ 1.18 billion, a drop of 42% year on year. In the first six months of the year, equity fell 5.2% to $ 33.19 billion.
The figures released by Zurich Insurance are mixed. BOP and net income are narrowly missing consensus forecasts, the combined ratio is slightly better, while equity ruffles the more optimistic expectations of analysts.
Management has confirmed its objectives until 2022, with an expected return on equity above 14%.
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