Swiss insurer Zurich Financial Services said today that its first quarter net profits had slumped 32% to $637m. The figure fell short of market expectations, which had been for net profit of $723m.
The company said the three months had been marked by natural disasters in Australia, New Zealand and Japan.
'The slow economic recovery in the US and much of Europe also impacted results,' a company statement said.
'In a quarter marked by natural catastrophes, Zurich again delivered a solid underlying operating performance,' chief executive Martin Senn said.
But an alliance in Latin America with Banco Santander, announced February, will give them access to new markets in Brazil, Mexico, Chile, Argentina and Uruguay, he added.
