Despite what the company described as a very difficult insurance market in 2007, Zurich Financial Services Group reported net income for the year increased 22 percent through improved business processes and release of reserves.

James J. Schiro, the Zurich, Switzerland-based insurers' chief executive officer, said "clearly today's market environment is a challenging one," but the company's strong balance sheet, diversity of its risk portfolio and execution of its business strategy produced strong results for 2007.

Net income for 2007 rose more than $1 billion to $5.6 billion, or Swiss Franc 46.37 per share ($41.98), an increase of 6.85 Swiss Francs ($6.22).

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