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."
