Global financial services group Zurich has reported a 21% leap in net income in the first quarter of this year. But while the insurer does not break down first quarter results on a country basis, its Australian arm has advised it will delay issuing its 2004 results.

A Zurich spokesman told Sunrise Exchange News the Australian 2004 results have been delayed while the insurer continues its discussions with ASIC as to the “form and manner” in which the accounts of previous years are to be corrected.

Zurich has previously advised the Australian Securities and Investments Commission that, as a result of reinsurance arrangements agreed with General Re in 2000, the accounts for the years 2000/03 contain errors.

The spokesman says Zurich’s Australian entities are financially strong and currently exceed the Australian Prudential Regulation Authority’s minimum capital requirement.

“There is no material impact on our day-to-day businesses, subsidiaries, intermediaries or customers,” he said.

The parent company group reported a net income $US779 million and a business operating profit of $US1.03 billion.

The general insurance segment recorded an increase of gross written premiums and policy fees of 2.3% to $US10.2 billion.