Zurich Profits Rise in Third-Quarter
Switzerland's largest insurer, Zurich Financial Services Group, report that its third-quarter profit rose 12 percent, helped by lower taxes and rising premiums. In the first nine months, the company’s net income rose 25% to $4.2 billion.
Gross premiums in the Zurich, Switzerland-based insurance group’s general business segment moved up to $27.3 billion, a 4% rise. Operating profit for the sector was flat at $2.8 billion.
The insurer’s results were impacted by Windstorm Kyrill and flooding in the United Kingdom, which caused total charges of $761 million. The general insurance results also reflect the insurer’s “continued ability to exert underwriting discipline and manage different business areas for margin and/or volume,” Zurich said in a statement.
“As our results indicate, we are growing in our selected markets, maintaining a keen focus on profitability, and benefiting from sound risk and investment management strategies,” said James J. Schiro, the company’s chief executive officer, in the statement.
Global life business posted strong results, with a 28% jump in operating profits to $1.1 billion for the nine months. New business value in the sector was up 44% to $480 million.
Published on November 15, 2007
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