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.
Zurich says management fees and other related revenues from Farmers Management Services were flat despite lower revenues from the runoff of the 21st Century agency auto book of business in the Farmers Exchanges.
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