Better underwriting and price rises see first quarter revival
Non-life insurance led the way in improved first quarter results from Zurich Financial Services (ZFS).
A 241% increase in the sector's business operating profit to $536m (£326m) from $157m (£95.5m) was put down to better underwriting and price rises.
It helped contribute to a doubling of underlying business operating profits to $785m from $391m last year.
The recovery comes after ZFS had to launch a $2.5bn rights issue last year and its replacement of chief executive and chairman Rolf Hüppi. The group's combined ratio improved by 5.9% to 98.2% from 104.1%.
However, net income was just $114m after impairment charges totalling $927m.
Non-life premiums increased by 21% in local currency terms to $9.8bn from $7.4bn last year.
Rate increases were higher on commercial lines than personal.
The group's non-life operations in the UK, Ireland and South Africa achieved a combined ratio of 99.8%, down from 104.2% last year. This reflected a fall in the expense ratio, down to 22.6% from 24.8%, and the net loss ratio, down to 77.2% from 79.4%.
Hüppi's replacement as chief executive, Jim Schiro, said: "We inherited a great franchise as well as significant challenges."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
