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That is a big hit! Zurich Insurance third-quarter profits fell 79%, following the industrial disaster in Tianjin, China.

industrial disaster in Tianjin, China

Too many eggs in one basket?!?!? Zurich Insurance on Thursday said third-quarter profits fell 79%, after the company was hit with US$275 million (RM1.9 billion) in losses following the industrial disaster in Tianjin, China.

Switzerland’s largest insurance provider posted after-tax profits of US$207 million, down from US$966 million over the same period last year, a plunge also linked to poor performance in its general insurance unit.

The firm’s performance was below projections from analysts polled by the AWP agency, who had expected profits of US$241 million.

In September, Zurich warned that it faced significant losses after massive explosions at a hazardous goods storage firm in Tianjin, in northeastern China on August 12 killed 161 people.

Zurich’s stock stayed mostly flat through early trading, hovering around 267 Swiss francs (US$267 dollars) per share, on a slightly higher Swiss market.

http://www.themalaysianinsider.com/business/article/zurich-insurance-profits-plunge-after-tianjin-disaster

 

 

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