Zurich reports “record” 2006 first-half results

Zurich Financial Services Group (Zurich) reports that continued strong operating performances in all business segments generated a record business operating profit and net income for the nine months ending at Sept. 30, 2006.”Our focus on operational excellence continues to generate profitable growth,” remarked Zurich CEO James J. Schiro. “General Insurance’s disciplined portfolio management approach achieved excellent underwriting results.”General Insurance had gross written premiums and policy fees of US$26.3 billion, an increase of 3% over the same period last year. The company’s combined ratio of 94.8% represented a 6.1% improvement over last year.Overall, Zurich’s net income of US$ 3.3 billion during the first half of 2006 represented an increase of 44% over the same period last year.Zurich’s annualized return on equity (ROE) during the first six months of 2006 was 19.4%”Strong underlying performances in all major markets, aided by relatively low levels of natural catastrophes, generated a business operating profit of US$ 2.8 billion, up 105%,” Zurich announced in a press release. “This result was driven by an underwriting profit of US$1.1 billion, compared with last year’s loss of US$ 176 million, and investment income of US$ 2.4 billion, an increase of 19%.”