Zurich has reported third-quarter net income of $US912 million ($1.19 billion), up 342% on the corresponding period last year following a recovery in general insurance performance.

Net income for the first nine months was up 11% to $US2.53 billion ($3.3 billion) and the combined operating ratio improved by 3.5 percentage points to 98.4%.

General insurance gross written premium declined 3.3% “largely due to re-underwriting and further actions to improve performance announced last year”.

“Zurich has maintained its positive momentum with underlying improvement in all of our core businesses,” Group CFO George Quinn said.

“The strengthening of Zurich’s management team and simplification of the group organisational structure have been completed, while absolute costs have continued to fall, reflecting actions taken earlier in the year.

“We are also strongly capitalised, with solvency well within our target range.”

Zurich will hold an investor day on Thursday to introduce “a strategic aspiration centered on customers and customer service that will drive a fundamental change in the company’s culture”.

It has appointed Isabelle Welton as Group Chief Marketing, Communications and Culture Officer, with immediate effect.

She will be succeeded as Group Chief Human Resources Officer by David Henderson, currently EVP Human Resources at MetLife.