Zurich has reported a 20% rise in total net income for the first half of 2011, but its general insurance operating profit fell by the same amount.

Its group net income for the six months to June 30 was $US2 billion ($1.9 billion) on revenue that was flat for the half at $US35 billion ($34 billion).

But in its general insurance division, operating profits for the first half fell 20% to $US1.1 billion ($1.1 billion) as catastrophes took their toll.

Zurich revealed that the first-quarter earthquakes in Japan and New Zealand and weather events in Australia resulted in aggregate losses totalling more than $US500 million ($484 million), while the second quarter’s US tornados and storms resulted in aggregate losses of $US200 million ($194 million).

But it managed to keep its general insurance combined ratio for the half in check, reporting a figure of 99.3%, up marginally from 98% for the first half last year.

“We have delivered another solid performance, which clearly underlines the success of our strategy,” Zurich CEO Martin Senn said.

He says the company’s emerging market strategy “is progressing well”.

“The… acquisition of Malaysian composite insurer Malaysian Assurance Alliance Berhad will further enhance our presence in the Asia-Pacific region.”

Zurich also announced the signing of a definitive agreement with Deutsche Bank to extend its existing exclusive distribution agreements for life and general insurance products in Germany until the end of 2022.