Swiss insurance group Zurich Financial Services (ZFS) has announced net losses of $387m (£272m) for 2001. It attributed the losses largely to WTC and asbestos claims and said it would now cut its dividend by more than 50%.
ZFS is now proposing a dividend of SFr8 (£3.40) per share - down from the SFr17.5 (£7.30) it paid per share in 2000.
The troubled group has made a series of profit warnings over the last year, and its combined ratio worsened to 109% in 2001 from 104.2% in 2000.
