Zurich takes 40% drop as it releases latest financial results

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The COVID-19 pandemic has struck again, with another insurance giant left reeling from its impact.

Zurich Insurance Group has released its interim 2020 results showing business operating profit of US$1.7 billion (around SG$2.33 billion) – a 40% drop from last year’s H1 result of US$2.8 billion (around SG$3.83 billion). A large chunk of this can be attributed to the impact of the coronavirus, which was attributed for US$686 million (around SG$940.4 million) of the fall.

Meanwhile, net income attributable to shareholders came in at US$1.2 billion – down 42% compared to last year’s US$2 billion during the same period. Property

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QBE dives into the red with SG$976 million H1 loss

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It’s the turn of QBE Insurance Group to reveal its interim financial results – and in line with the forecast announced in July, the Sydney-headquartered global insurer plunged into the red for the first six months.

In its half year report released this morning, QBE said it posted a net loss after tax of US$712 million (around SG$976.6 million) in H1. In the same period last year, the company enjoyed a net profit after tax of US$463 million.

The result for the half year ended June 30 included a US$90 million investment loss, which was a massive fall from 2019’s

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Singapore financial sector holding up despite COVID-19’s impact

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Despite Singapore’s economic growth taking a beating from COVID-19, the financial sector is one of its remaining strongholds, registering positive growth in the first half of 2020.

Singapore’s financial sector grew by 5.9% in the first half, according to Jacqueline Loh, deputy managing director (markets & development) of the Monetary Authority of Singapore, who spoke at the Institute of Banking and Finance’s virtual career fair.

Employment in the financial sector grew by 1,500, and retrenchments in the first quarter remained on par with the average quarterly retrenchment in 2019, Loh said.

This is despite Singapore’s economy shrinking by 13.2% year-on-year

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Lyft, Cisco, Vroom & more

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Cisco logo exhibited during the Mobile World Congress, on February 28, 2019 in Barcelona, Spain.

NurPhoto | Getty Images

Check out the companies making headlines after the bell

Cisco Systems — Cisco shares fell more than 6% in after-hours trading despite reporting fiscal fourth-quarter profit and revenues that topped analysts’ expectations. The results, though better than what analysts polled by Refinitiv had anticipated, marked the first annual sales decline in three years. Investors may have positioned to sell the Dow component after Cisco said that it sees first-quarter revenues down 9% to 11% and associated per-share earnings between 41

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