Zurich first half dented by storms, floods
Weather-related losses have cut a swathe though Zurich’s first-half results, but the Swiss insurer still managed a respectable 12% rise in operating profit.
Zurich’s general insurance arm, which accounts for more than half of the group’s revenue, posted a meagre 3% rise in operating profit for the first six months of 2007 after winter storm Kyrill and the UK floods wiped $US566 million ($724 million) from earnings.
General insurance posted a profit of $US1.8 billion ($2.3 billion) for the first half as part of Zurich’s $US3.3 billion ($4.2 billion) total operating profit.
Growth in Zurich’s life insurance arm propped up the group’s earnings, with new business value up 51% to $US319 million ($408 million). Life operating profit was up 25% to $US721 million ($924 million).
“These excellent results reflect our ability to successfully leverage a strong balance sheet through disciplined underwriting, targeted growth and operational efficiency, particularly given the current global financial environment,” CEO James Schiro said.
Zurich’s general insurance arm, which accounts for more than half of the group’s revenue, posted a meagre 3% rise in operating profit for the first six months of 2007 after winter storm Kyrill and the UK floods wiped $US566 million ($724 million) from earnings.
General insurance posted a profit of $US1.8 billion ($2.3 billion) for the first half as part of Zurich’s $US3.3 billion ($4.2 billion) total operating profit.
Growth in Zurich’s life insurance arm propped up the group’s earnings, with new business value up 51% to $US319 million ($408 million). Life operating profit was up 25% to $US721 million ($924 million).
“These excellent results reflect our ability to successfully leverage a strong balance sheet through disciplined underwriting, targeted growth and operational efficiency, particularly given the current global financial environment,” CEO James Schiro said.