The rechristened Zurich Insurance Group's P&C unit posted a Q2 operating profit of $773mn, 3 percent ahead of analysts' consensus but down 7 percent year-on-year driven primarily by weather losses picked up via Farmers Re.
The group said the second consecutive year of significant US weather-related events and scant reserve releases were behind the $110mn of H1 losses at Farmers Re. But analysts pointed out that its surplus ratio of 36 percent remained within the targeted range.
The Q2 headline...
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