Zurich Insurance's main business in Asia suffered in the first six months, underscoring the challenges facing the Swiss firm's newly-installed head in the region.
The Zurich-based insurer said operating profit from Asia dropped 13 percent in the key property and casualty insurance sector in the first six months from the year-ago period.
The $114 million profit was hit by poor weather in Hong Kong, which was hit by a tropical storm this summer. Zurich also sold its business in Taiwan in January, which weighed on the result.
Fewer losses and growth in Japan partly offset this, Zurich said in its half year report.
New Asia Head
In its far smaller life insurance unit, profits from Asia surged to $78 million from last year, which had been hit by spending for Macquarie Group's retail life insurance protection arm in Australia.
Never a huge player in Asia, the result speaks to the challenges facing Jack Howell, whom the insurer appointed as its head of Asia last year.
Modest Acquirer
A former Generali colleague of Zurich Chief Executive Mario Greco, Howell's appointment was seen as a pledge to remain in Asia after reports it was seeking a partial or full exit.
Zurich has been a quiet acquirer, snapping up the Macquarie business as well as MAA Takaful Berhad, a sharia insurance business in Malaysia.
