Zurich’s profits dip as it seeks more efficiencies

Profits dropped slightly at Zurich Insurance in the first quarter of 2015 as its chief financial officer admitted there remain areas where the business needs to improve.

The company made a net profit of $1.2 billion, a 4 per cent decrease on the same period a year earlier. Its combined ratio was 96.7 percent in the quarter compared with 95.9 percent in the prior year.

“This is a satisfactory result, though one that benefits from a benign catastrophe claims environment,” said George Quinn, its chief financial officer. “When adjusting for foreign exchange movements our Group’s operating profitability is broadly flat relative to the prior year period. There are clearly some areas where we need to make improvements, and we continue to focus on efficiencies across the Group as well as on our turnaround businesses.