Zurich reports fall in GI profit but rise in COR
Zurich has reported a 2% fall in general insurance business operating profit to $3.5bn (£2.2bn) in 2009, compared to the previous year, however, in local currencies it increased by 1%.
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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