ZURICH (dpa-AFX) - Zurich Insurance Group AG (ZURVY) on Thursday reported that its first-half net income attributable to shareholders declined 42 percent to $1.18 billion from last year's $2.04 billion.
Business operating profit or BOP was $1.70 billion, down 40 percent from $2.82 billion a year ago. The latest results included $686 million of COVID-19 impact, among other factors.
Property & Casualty or P&C estimated claims from COVID-19 at $750 million for 2020, as indicated in May, and fully booked in first half.
In the first half, P&C gross written premiums and policy fees increased 2 percent to $18.94 billion from $18.56 billion last year. The growth was 4 percent on a like-for-like basis.
Life gross written premiums, policy fees and insurance deposits, meanwhile, fell 28 percent to $13.01 billion.
Commercial insurance gross written premiums, which make up around 70 percent of the Group's P&C premiums, grew 8 percent on a like-for-like basis.
Looking ahead, the company said it is well positioned to benefit further from improved commercial insurance pricing.
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