Zurich Insurance May Say Profit Unchanged After Claims Stay Low

Zurich Insurance Group AG (ZURN), Switzerland’s biggest insurer, may report an unchanged first-quarter profit in the absence of large natural catastrophe losses.

Net income was probably $1.14 billion, unchanged from the year-earlier period, according to the average estimate of 10 analysts surveyed by Bloomberg. Zurich Insurance will report earnings tomorrow at 6:45 a.m. local time.

Operating profit from general insurance, the company’s largest business, may decline 4.4 percent to $818 million after tripling in the year-earlier quarter, analysts said. Operating profit from its unit selling life and pension products probably rose 16 percent to $339 million with the acquisition of a Latin American insurance business from Banco Santander (SAN) last year.

The following is a table of analyst estimates and year-earlier figures in millions of dollars, apart from the combined ratio, which is a percentage.

                    Q1 2013        Q1 2012     % Chg    No. of
                    Avg. Est.      Reported             Analysts
Net Income          1,143            1,143       0       11
General Insurance
operating profit      818              856      -4.4     14
Combined Ratio (%)     94.06            94.6             17
Global Life
operating profit      339              293      16       14
Gross Written
Premiums Group     15,161           14,445       5        5

To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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