Zurich reports rising net profits
by Richard Kilner
Story link: Zurich reports rising net profits
Zurich Financial Services Group has reported its financial results for the first nine months and third quarter of 2011.
In the first nine months of the year Zurich made a business operating profit of US$3.3bn, with a net income of $3.2bn.
This is a slightly lower business operating profit than that made in 9M 2010, but only $99m lower, but net profits, year-on-year, were increased by more than $800m.
Quarterly business operating profit declined marginally, dropping from $1.2bn in Q3 2010 to $1.1bn.
However, quarterly net profits increased substantially, rising from $756m to $1.2bn, although this is slightly less than the $1.3bn of Q2 2011.
Chief Executive Officer Martin Senn said that the firm’s latest results confirmed the success of its strategy of mitigating risk and focusing upon profitability.
The firm’s results have been affected by the unusually high level of natural disasters this year, including substantial earthquakes in Japan and New Zealand.