Zurich Insurance May Say Profit Unchanged After Claims Stay LowCarolyn Bandel
Zurich Insurance Group AG, 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 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