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