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Swiss insurer Zurich Financial Services AG on Thursday reported a 51% decline in second-quarter net profit, on lower revenue, costs for weather-disaster claims and the U.S. oil spill, and a charge for its U.K. property-lending portfolio.

The company, one of Europe’s larger primary insurers by premium income, said net profit fell to $707 million in the three months to June 30 from $1.43 billion a year earlier. Revenue was $9.54 billion, down 47% from $17.97 billion.

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