Zurich increases half-year profit
Global insurer Zurich has reported strong results for the first half of 2008, with operating profit increasing by 8% to $US3.5 billion ($4 billion).
General insurance operating profit rose 22% or $US398 million ($456 million), to $US2.2 billion ($2.6 billion). Gross written premium increased 8%, or $US1.6 billion ($1.9 billion) to $US20.6 billion ($24 billion).
But the $2.7 billion ($3.1 billion) net income was only a slight increase over last year’s result.
“These are excellent results under any market condition,” CEO James Schiro said. “Not only are we exercising strict operational and financial discipline, but we are also executing on a successful growth strategy that is bolstering our position in attractive markets.”
In the last few months the company has also revealed it will target acquisitions in Brazil, Italy, Spain and Turkey.
General insurance operating profit rose 22% or $US398 million ($456 million), to $US2.2 billion ($2.6 billion). Gross written premium increased 8%, or $US1.6 billion ($1.9 billion) to $US20.6 billion ($24 billion).
But the $2.7 billion ($3.1 billion) net income was only a slight increase over last year’s result.
“These are excellent results under any market condition,” CEO James Schiro said. “Not only are we exercising strict operational and financial discipline, but we are also executing on a successful growth strategy that is bolstering our position in attractive markets.”
In the last few months the company has also revealed it will target acquisitions in Brazil, Italy, Spain and Turkey.