Swiss Daybook: Zurich Financial; Swiss Re, Petroplus Losses

Zurich Financial Services AG (ZURN), Switzerland’s biggest insurer, said first-quarter profit Zurich Financial Service declined 32 percent after claims from floods in Australia and the earthquake in Japan.

Net income fell to $637 million from $935 million a year earlier, the Zurich-based company said today in an e-mailed statement. That missed the $727.6 million average estimate of 11 analysts surveyed by Bloomberg.

EQUITIES: *Swiss Reinsurance reported a first-quarter loss of $665 million after claims from earthquakes in New Zealand and Japan *Transocean said first-quarter net income declined 54 percent to $310 million from $677 million a year earlier *Petroplus Holdings reported a first-quarter “clean” net loss of $15 million, compared with a loss of $5 million a year earlier *SIX Exchange Regulation opened a formal investigation of Sonova Holding Ltd. after completing a preliminary probe *Credit Suisse Group is planning to invest $175 million in Glencore, IPO prospectus shows *Looser Holding plans to take over Swiss firm Otto Weibel *Meyer Burger says the Roth&Rau bid will close June 3

WHAT TO WATCH: *Zurich Financial holds telephone conference Q&A session with CFO Dieter Wemmer at 1 p.m. *Actelion Ltd. (ATLN) holds annual general meeting at 10 a.m. in Basel *Transocean holds earnings conference call at 4 p.m. *Holcim holds annual general meeting at 10 a.m. in Duebendorf *Petroplus holds annual general meeting at 10 a.m. in Zug *Swiss Life holds annual general meeting at 2:30 p.m. in Zurich *Partners Group holds annual general meeting at 4 p.m. in Baar *Pargesa holds annual general meeting at 5.30 p.m. in Geneva *Galenica holds annual general meeting at 3 p.m. in Bern *Banque Cantonale Vaudoise (BCVN) holds annual general meeting in Lausanne *Emmi holds shareholders’ meeting in Sursee *BB Biotech holds shareholders’ meeting

ECONOMY: *SNB publishes foreign currency reserves at 9 a.m.

MARKETS: *The SMI fell 0.6 percent to 6,470.35 *The SPI also fell 0.6 percent, to 5,966 *The Stoxx Europe 600 Index fell 1.4 percent to 278.52 *The MSCI Asia-Pacific Index rose 0.1 percent to 138.89 at 7:34 a.m. Zurich time *Euro-franc traded at 1.2780 at 7:13 a.m. Zurich time

To contact the reporters on this story: Corinne Gretler in Zurich at Giles Broom in Zurich at

To contact the editors responsible for this story: Randall Hackley at Paul Verschuur at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.