Zurich Financial Services Group has reported a net income of $5.6 billion for the year 2007, an increase of 22% when compared to the same in the corresponding period in 2006.
The business operating profit of the company for the year 2007 improved 10% to $6.6 billion compared to the same period in 2006.
The General Insurance segments gross written premiums and policy fees increased 4% to $35.7 billion in the year 2007. Global Life segment’s new business value increased 35% to $729 million, with new business margin (% of APE) of 24.7% and APE up 18% or 11% in local currencies. Farmers Management Services’ management fees and other related revenues up 6% to $2.3 billion
These results demonstrate the group’s ability to deliver on its stated strategy of driving strong operational improvements, targeting growth in profitable market segments, and deploying sophisticated capital, investment and risk management techniques.
James Schiro, CEO of Zurich, said: We may be operating in a difficult market environment, but the strength of our balance sheet, the diversity of our risk portfolio and our ability to execute on our strategy delivered excellent results in 2007, and make us confident in our ability to continue driving success going forward.