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.