By Mauro Orru
Zurich Insurance Group has reported a net profit below analysts’ expectations for the first half of the year. The Swiss insurer disclosed that its net profit increased by 6% to $2.49 billion. However, its business operating profit, an important metric monitored by analysts and investors, declined slightly from $3.74 billion in the first half of last year to $3.72 billion.
Analysts had predicted a net profit of $2.63 billion and a business operating profit of $3.56 billion, as per the company’s consensus.
“We have achieved one of the highest returns on equity in the industry, all while maintaining stability, a robust balance sheet, and capitalizing on available growth opportunities,” stated Chief Executive Mario Greco.
Zurich’s return on equity, which is the business operating profit return on common shareholders’ equity, stood at 22.9%.
While Zurich’s core property and casualty division experienced a 6% decline in business operating profit to $2.25 billion, there was an 8% increase in gross written premiums and policy fees for the division, amounting to $24.56 billion.
