Zurich Insurance Group has reported a business operating profit (BOP) of $4.1bn for the full year 2012, down by 4% from $4.24bn during the same period last fiscal.

Net income after tax attributable to shareholders (NIAS) stood at $3.9bn, with an increase of 3% from $3.75bn during the corresponding period earlier year.

The underlying loss ratio for General Insurance continued to improve in 2012 and was 61.4% at year end.

General Insurance business operating profit decreased by $150m to $2.1bn or by 7%, compared to $2.24bn during the same period earlier year.

For the year ended on 31 December 2012, Global Life business operating profit remained at $1.3bn.

Farmers business operating profit decreased by $72m to $1.41bn or by 5% compared to $1.48bn during the year ago period, mainly due to a net underwriting loss incurred by Farmers Re.

A multi-line insurance provider, Zurich manages a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets.

Having an employee base of 60,000, the company serves customers in more than 170 countries offering various general insurance and life insurance products and services.