Winterthur Insurance Group's non-life arm has announced a full-year net income of £91.85m compared to....
Winterthur Insurance Group's non-life arm has announced a full-year net income of £91.85m compared to a net loss of £166.76m in 2003.
The results come despite a fourth quarter net-loss of £78.92m, following the raising of Winterthur's provision in connection with the sale of Winterthur International to XL Insurance (Bermuda) in 2001 by £107.91m.
The raise in provision led to the downgrading of the group's Moody's rating from stable to negative earlier this month.
Net investment income was £487.36m, up by £75.36m from the previous year, while total investment returns for 2004 were 4.5% compared to 4.1% in 2003.