Filed Under:Markets, Reinsurance

Zurich Net Income Up 10% for Year; Company to Propose Name Change

NU Online News Service, Feb. 16, 1:04 p.m. EST

Zurich Financial Services Group says its 2011 fourth-quarter net income fell 46 percent to $557 million, but the company’s net income for the year climbed 10 percent to $3.8 billion.

Zurich’s Chief Executive Officer Martin Senn also says the company has proposed changing its name from Zurich Financial Services Ltd. to Zurich Insurance Group Ltd. “in recognition of the fact that Zurich’s strategic focus has been on insurance for several years....”

Senn says the proposed name change will be made to shareholders at the company’s Annual General Meeting on March 29. 

On the company’s financial results, Senn says in a statement, “We delivered a good result in a year characterized by natural catastrophes....”

He adds that the catastrophes “continued during the fourth quarter with flooding in Thailand and aftershocks in New Zealand.”

For Zurich’s general insurance segment, operating profit decreased 15 percent for the year to $2.3 billion, while gross written premiums and policy fees increased by 5 percent to $34.6 billion. The combined ratio climbed by 0.9 points to 98.8.

Zurich says, “The sustained focus on profitability has continued to produce strong improvements in the underlying loss ratio, but these improvements were more than offset by the exceptional frequency and overall severity of catastrophe and significant weather-related loss events.”

Zurich says management fees and other related revenues from Farmers Management Services were flat despite lower revenues from the runoff of the 21st Century agency auto book of business in the Farmers Exchanges.

Farmers business operating profit fell 12 percent for the year to $1.5 billion.

Top Story

2014 has become the year of the auto recall, and the numbers are staggering

It’s been a record-setting year for automakers, but not in a good way.

CE & Training

One Low Price for Complete Access to All Courses

Choose from National Underwriter's complete library of courses available in your state to get the credits you need quickly and affordably. Take advantage of the Open Pass Package for only $49. Click here to start your training today!

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone
         

Advertisement. Closing in 15 seconds.