Zurich Financial Services Group, an insurance-based financial services provider, has reported net income of $4.2 billion for the nine months to September 30, 2007, an increase of 25% compared to the corresponding period in 2006.
Annualized return on equity (ROE) was 21.4%. Business operating profit (BOP) stood at $4.9 billion, an increase of 10% over the corresponding period in 2006. Annualized BOP ROE after tax was 18.9% compared to the nine-month period in 2006.
General Insurance gross written premiums and policy fees of $27.3 billion, increased 4% or 0.4% in local currencies and a combined ratio of 96.9%, a 2.4% point increase compared to the corresponding period of 2006. The global life segment’s operating profit increased to $1.1 billion. This is up 28%, or 22% in local currencies compared to the same period in 2006.
James Schiro, CEO of Zurich, said: I am pleased with the performance of our businesses as they are generating record profits in today’s challenging financial markets. As our results indicate, we are growing in our selected markets, maintaining a keen focus on profitability, and benefiting from sound risk and investment management strategies.