Zurich Insurance : operating profit falls 40% after COVID-19 hit

Zurich Insurance's first-half operating profit fell 40% to $1.7 billion, the Swiss company said on Thursday, as payouts linked to the COVID-19 pandemic and weaker financial markets dented its business.

The company said while its underlying business was broadly in line with last year, the new coronavirus outbreak had reduced its business operating profit (BOP) by $686 million. The Business Operating Profit was roughly line with analyst forecasts for $1.69 million.

Europe's fifth-largest insurer said it expected COVID-19 related insurance claims at its Property & Casualty business to be $750 million for the full year, the same level as it indicated in May.

(Reporting by John Revill)