Zurich Financial Services returned to profit in the third quarter with a doubling of its non-life insurance result.
Non-life gross premiums increased by 26% to $27.8bn in the first nine months of 2 ...
Zurich Financial Services returned to profit in the third quarter with a doubling of its non-life insurance result.
Non-life gross premiums increased by 26% to $27.8bn in the first nine months of 2003 from $22bn in the same period last year. This slightly beat the 22% increase in overall gross premiums, which grew to $37bn from $30.4bn.
Non-life's net income before tax and minority interests more than doubled to $1.7bn in the period from a loss of $1.5bn.
Again, this slightly outstripped the overall figure, which increased by about 186% to $2.5bn from a loss of $2.9bn.
The UK non-life combined ratio, which measures claims and costs as a percentage of premiums, at 97.5% showed an underwriting profit and beat the group's total, which was 98.2%.
Chief executive James Schiro said non-life insurance was now making "a strong operating profit."
