Zurich Profit Up In The Quarter
NU Online News Service, May 22, 4:11 p.m. EDT?Zurich Financial Services reported first-quarter net income of $114 million, compared with $6 million it posted for the period last year.
The Zurich, Switzerland-headquartered insurer said its year-over-year premium growth in its non-life insurance was up 32 percent, to $9.8 billion.
For the first quarter, Zurich had total gross written premiums, policy fees and deposits of $15.5 billion, a jump of 23 percent compared to the same period a year ago. Its combined ratio also improved, falling 5.9 percent to reach 98.2 percent in the first quarter.
The company's investment results, however, continued to suffer from the volatile financial markets. Zurich's net investment income, as well as its net realized and unrealized capital gains, fell by $810 million, or 63 percent, to $467 million for the quarter.
"We inherited a great franchise as well as significant challenges," said James J. Schiro, chief executive officer at Zurich. "I welcome the first-quarter result as it underscores the continuing progress in our recovery program. We will continue to deal with future issues as they arise," he said.
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