Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

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.