Analysts polled by Swiss financial newswire AWP had expected the group's net income for the first six months of 2013 to be between US$1.8bn and US$2.0bn.
From April to June, net profit was down 27% to US$789m compared with last year's second quarter, the insurer said.
The group's first-half operating profit was down by 9% to US$2.2bn compared with the same period last year.
Its combined ratio, a measure of an insurers' profitability, increased slightly to 95.6% from 94.8% in the first half of 2012.
The insurer said it had achieved these results in a period characterised by natural catastrophes and large weather-related events, such as widespread flooding in central Europe and tornadoes in the United States, including a deadly twister in Oklahoma in May.
The company added that Zurich Insurance was still feeling the challenges of a weak global economy.
"The economic environment remains challenging with continued low interest rates exerting pressure on our investment income," chief executive Martin Senn said.
The group said it was on track to meet some of its targets, such as those set for global life and expense savings.
But it said targets for general insurance and farmers "remain more challenging".
Source: AFP via I-Net Bridge
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