Zurich Financial Posts $701 Million Profit
NU Online News Service, Nov. 20, 3:01 p.m.EST?Switzerland-based insurer Zurich Financial Servicessaid increased earnings and cost-cutting measures helped it post a$701 million third-quarter profit compared with a net loss of $763million during the corresponding period last year.
The company said last year it was hurt by the declining value ofcostly investments made in the 1990s, write-down of certain assetvalues and a charge increase the company's non-life reserves.
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