8 May 2015 Insurance

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.


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More on this story

Insurance
5 December 2023   A convergence of EU directives can create a ‘cultural shift’ and attract litigation financiers.
Insurance
5 December 2023   The commercial portfolio remains overly tipped to Zurich’s large-corporate core.
Insurance
28 November 2023   Appointee was vice president of cybersecurity services for Zurich Resilience Solutions.

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