Zurich beats profit expectations

August 13 2018 by InsuranceAsia News Staff

Zurich said its net profit in the first six months of the year was up sharply and beat analyst expectations.

Net profit for the period rose 19% to US$1.79 billion, the company said.

Business operating profit in the first six months of the year was US$2.42 billion compared with US$2.17 billion a year earlier.

Lower expenses and improved underwriting in its property and casualty business, as well as portfolio growth in the life segment boosted operating profit, the company said.

Chief Executive Officer Mario Greco said Zurich stands well on track to achieve all indicated targets by the end of 2019, and is progressing fast in the implementation of the strategy that it launched in November 2016

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