Swiss finance group Zurich Financial Services has posted a record net income of $1.4 billion, up 71% over Q1 2006, attributable to continued strong operating performances with profit improvements in all of its business segments.
<p>The finance firm also recorded a 25% rise in its business operating profit to $1.7 billion, while gross written premiums and policy fees were up 4% to $10.2 billion. <br /><br />Despite suffering in the aftermath of storm Kyrill, its general insurance combined ratio still improved 1.5% to 93.3%. <br /><br />In its farmers management services, management fees and other related revenues increased 4% to $542 million. <br /><br />These excellent results reflect our ability to balance operating discipline and selective growth across our well-diversified book of business, remarked Zurich CEO James Schiro. Going forward, we are confident this combination will provide further opportunities for profitable growth, particularly in emerging markets, parts of Europe and in personal lines in the US. <br /><br />Mr Schiro added that the results were driven by its approach to streamline its business, along with selective growth opportunities.</p>