http://dynamicwealthmanagementreports.com/?p=1Zurich Financial Services AG (ZURN), Switzerland’s biggest insurer, said first-quarter profit 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.
Zurich recorded total claims of $517 million from the five natural disasters that hit the Asia-Pacific region in the first quarter, including the Brisbane floods, the Victoria storms and cyclone Yasi in Australia, the Christchurch earthquake in New Zealand and the earthquake and tsunami in Japan. The insurer said it will renew its German distribution agreement with Deutsche Bank AG for another 10 years.
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