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Zurich Insurance Q1 2013 profit down by 7%

Switzerland’s multi-line insurance provider Zurich Insurance Group has reported a business operating profit (BOP) of $1.4bn and net income attributable to shareholders (NIAS) of $1.1bn for the three months ended on 31 March 2013.

General Insurance segment’s BOP decreased by $51m or 6% to $807m, while gross written premiums and policy fees increased by $216m or 2% to $10.7bn.

Global Life BOP increased by $18m or 6% to $308m, while gross written premiums and policy fees increased by $295m or 9% to $3.7bn, primarily driven by increased volumes of protection business.

Farmers posted increase in BOP of $51m to $420m, reflecting an improved underwriting result in the reinsurance operation and a slightly reduced contribution from the management services company.

The group preserved a strong capital position with shareholders’ equity increasing to $34.8bn.

Net investment result on group investments, which includes investment income, realized gains and losses and impairments, contributed $1.7bn to the group’s total revenues for the first quarter, a net return of 0.8% that is not annualized.

Employing about 60,000 people serving customers in more than 170 countries, Zurich Insurance offers several general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations.