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Zurich 2020 Profit Drop of 8% Reflects Pandemic, Catastrophe Claims
Zurich Insurance’s new capital target disappointed market expectations on Thursday, even as claims related to the COVID-19 pandemic and higher losses from natural catastrophes bit less than expected into full-year earnings.
Insurers have faced hefty claims from event cancellations and business interruption amid government lockdowns to curb the spread of COVID-19, while a damaging hurricane season in the United States put further pressure on earnings in the second half.
Zurich has been looking to raise premiums to help cushion the impact.
Full-year net profit of $3.83 billion – an 8% drop from 2019 – easily beat average expectations of $2.93 billion in the company’s own poll of 21 analysts, thanks to a strong pickup in pricing in the property and casualty business and late-year investment portfolio gains.