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Daily Insurance Industry News
Monday 11th of December 2017
August 11, 2011

Zurich reports higher Q2 and H1 profits

by Richard Kilner

Story link: Zurich reports higher Q2 and H1 profits

Zurich reports higher Q2 and H1 profits

Zurich Financial Services Group has today reported a biannual business operating profit of US$2.1bn, a 7% decline from the $2.3bn of last year.

In the first six months of 2011 Zurich also achieved a net profit of $2bn, a 20% rise on the $1.6bn of the corresponding period last year.

Chief Executive Officer Martin Senn said that the firm’s solid performance underlined the success of its strategy, and expressed particular delight at the second quarter results.

In Q2 the firm made a net income of $1.3bn, almost double the $700m it made during the second quarter of 2010 and quarterly business operating profits rose from $1bn to $1.3bn.

Senn went on to say that Zurich had enjoyed an especially good quarterly underwriting performance.

Senn concluded by saying that the firm was well-positioned in emerging markets with high growth potential, highlighting Zurich’s acquisition of Malaysian composite insurer Malaysian Assurance Alliance Berhad (MAAB) and its long-term alliance with Santander in Latin America.

 

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