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 CEO 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.” The name change will be proposed to shareholders at the company's Annual General Meeting, scheduled for March 29.

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

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.