Home Breadcrumb caret News Breadcrumb caret Risk Zurich Financial Services increases 2005 profits by 30% Zurich Financial Services’ profits increased 30% in 2005, according to the Switzerland-based insurer. “This profit increase is a result of a small reserve the company set aside and from gains it achieved in its life business,” the company announced in a release. Overall, Zurich reported a 2005 net income of US$3.2 billion. This compares to […] February 28, 2006 | Last updated on October 1, 2024 1 min read Zurich Financial Services’ profits increased 30% in 2005, according to the Switzerland-based insurer. “This profit increase is a result of a small reserve the company set aside and from gains it achieved in its life business,” the company announced in a release. Overall, Zurich reported a 2005 net income of US$3.2 billion. This compares to its 2004 net income of US$2.47 billion. The Company said it anticipated its profit would rise by approximately 21% to reach $2.98 billion francs for the year ended Dec. 31, 2005, according to Bloomberg News. The Company’s CEO, James Schiro, announced his plans to reserve US$500 million throughout 2006 and repeat this in 2007. The dollars saved will be the result of cost cuts and improved risk and claims management, Schiro predicted. During his first three years as CEO, Schiro cut 5,000 jobs and sold US$1.3 billion of assets. Save Stroke 1 Print Group 8 Share LI logo
