VIDEO from Zurich available on thenewsmarket.com: Zurich Reports Solid Operating Performance for the First Nine Months of 2010
NEW YORK, Nov. 4, 2010 /PRNewswire/ -- See video from Zurich at:
Zurich Financial Services Group (Zurich) today reported a business operating profit of USD 1.2 billion and net income of USD 751 million for the third quarter as part of a solid operating performance for the nine months ended September 30, 2010. Global Life and Farmers supported the Group's profitability by delivering ongoing top-line growth coupled with strong profit margins. General Insurance benefited from past rate increases earning in and managed to successfully continue targeted rate increases into the third quarter. However, it was impacted by a high occurrence of catastrophe- and weather-driven events particularly in the first half of the year. Zurich's business operating profit for the nine months includes the impact of increased banking loan loss provisions of USD 330 million, before tax, as reported at the half year. Net income takes into account a previously announced third-quarter charge of USD 295 million related to the proposed comprehensive settlement agreement in the matter of Fogel vs. Farmers Group, Inc. The Group's capital and regulatory solvency positions remain strong, underpinning a well-diversified portfolio of businesses.
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