(Bloomberg) -- Shares of Zurich Insurance Group AG headed for the biggest gain in more than four years after Switzerland’s biggest insurer posted a first-quarter profit that beat analyst expectations.
The stock rose as much as 8.3%, and was trading 8.1% higher at 233 francs as of 3:39 p.m. in Zurich, paring losses this year to 9.6%. A close at this level would mark the biggest one-day gain since August 2011. The Stoxx 600 Insurance Index rose 0.2%, reversing an earlier drop of as much as 1.4%.
Net income fell 28% to $875 million from $1.22 billion a year earlier, the Zurich-based company said in a statement on Thursday. That beat the $745 million average estimate of six analysts surveyed by Bloomberg.
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