Zurich Financial Services reported net income of US$1.4bn for the first nine months of the year. This compares with a net loss of $2.8bn for the same period in 2002.
Zurich saw premium growth in the non-life sector jump by 26% to $27.8bn for the first nine months of 2003. It achieved a combined ratio of 98.2%, an improvement of 16.6 percentage points over the same period in the previous year.
Business operating profit grew to $1.5bn over the nine-month period, compared with an operating profit of $490m for the first nine months of 2002.
Zurich Financial Services chief executive James J. Schiro said: "Having generated a net income of USD 1.4 billion in the first nine months, we are now able to deal with adverse developments from a position of operational and financial strength.
"Going forward, our challenge is to maintain the momentum and further develop our framework for sustainable and profitable growth."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
