Zurich makes a profit despite difficult 2011

Insurance giant Zurich Financial Services has reported a ten per cent rise in net profit in 2011 despite responding to a series of natural disasters.

This content was published on February 16, 2012 - 10:08 and agencies

The Swiss group posted $3.75 billion (SFr3.46 billion) net profit, with turnover rising one per cent to $68.5 billion. However the fourth quarter profit of $557 million was 46 per cent lower than the same period in 2010.

“We delivered a good result in a year characterised by natural catastrophes, including devastating earthquakes in Japan and New Zealand as well as exceptional weather-related losses around the globe,” said CEO Martin Senn, adding that there had also been “challenging economic and market conditions”.

The company said “robust underwriting discipline” and a focus on profitability helped offset the effects of the “exceptional frequency” of disasters and weather-related problems.

The company has also decided to change its name to Zurich Insurance, a move being put before shareholders at the annual general meeting in March.

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

Sort by

Change your password

Do you really want to delete your profile?

Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.

Discover our weekly must-reads for free!

Sign up to get our top stories straight into your mailbox.

The SBC Privacy Policy provides additional information on how your data is processed.