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Zurich Financial annual net income down 13%

Zurich Financial Services Group has reported a net income attributable to shareholders of $3.4bn for the year 2010, compared to $3.9bn for the same period last year.

Reported a business operating profit of $4.9bn for the year 2010, compared to $5.6bn for the full year 2009.

General insurance gross written premiums and policy fees for the year 2010 were $33bn, compared to %34.1bn for the corresponding period of 2009.

Zurich said that the global Life and Farmers contributed to the group’s profitability through steady top-line growth coupled with strong profit margins.

Results in general insurance were affected by an above-average frequency of significant loss events, exceeding last year’s total incurred losses from such events by over $600m.

Zurich CEO Martin Senn said that the company’s well-diversified portfolio of businesses generates strong cash flows and allows Zurich to perform well in a challenging environment.

"Global Life continues to increase new business value, volumes and net policyholder inflows.

"Farmers’ fee-based business continues to excel with good results generating strong operating margins. The significant contribution from 21st Century is a testament to Farmers’ overall channel strategy.

"In general insurance, our focus remains on protecting profit margins driven by carefully targeted re-underwriting actions. In a year with an exceptionally high number of significant loss events, Zurich employees delivered outstanding customer claims services around the world," Senn said.