Zurich Financial Services Group has reported a 54% rise in profits in its general insurance business to $1.91bn for 2005.
Zurich said its combined ratio improved to 100.8% (compared with 102.0% in 2004).
Chief executive James Schiro said: “We are reporting a
record performance following the insurance industry's most severe natural catastrophe year on record.
"I am confident that we have a solid platform that will
allow us to pursue sustainable profitable growth and attractive shareholder returns going forward.”
Zurich said it plans further efficiency gains of
$1bn in the next two years, with the bulk of the improvements expected from better underwriting, distribution, and claims handling.
Less than 20% of efficiency gains are expected to come from cost reductions.
