Zurich reports fall in GI profit but rise in COR

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It attributed this to an improved underwriting result partially offset by lower investment income.

Zurich said that combined ratio improved to 96.8%, compared to 98.1% in 2008, due to careful underwriting practices and lower levels of natural catastrophe losses.

Gross written premiums and policy fees decreased 4% in local currencies, mainly driven by lower volumes in North America and difficult market conditions in Western Europe.

In a statement, Zurich said: “Across the segment’s commercial

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