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