Zurich Financial Services said second-quarter net income increased 8 percent, with improved investment results fueling the overall jump, while catastrophe losses proved to be a drag on property-casualty operating results.
Management said its subprime mortgage investment has minimal impact, as it reported that across all operations the company added nearly $100 million to the bottom line, with overall net income for the quarter coming in at nearly $1.3 billion, compared with $1.2 billion in second-quarter 2006.
Net investment income (from interest and dividends) grew 18 percent to over $3.2 billion in the quarter. In addition, realized investment gains (from sales of securities) were also more than $3.2 billion, reversing realized losses of $2.8 billion for second-quarter 2006.
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