Group GWP rises 10% but combined ratio dips 1.3%.
Zurich’s global general insurance business delivered a 10% rise, or 2% rise in local currencies, in gross written premiums and policy fees to $11.2bn (£5.7bn) but its combined ratio increased slightly to 94.6%.
The insurer said the 2% rise in GWP and policy fees was due to organic growth and increased premium volumes from organic growth and bolt-on acquisitions mainly in Europe, while the 1.3% hike in combined ratio reflected a higher amount of large loss claims.
Strong personal lines performance was cited in the UK and Italy.
James Schiro, Zurich chief executive officer, said: “In the face of today’s market challenges, I am proud of our ability to stay focused on our strategy and drive such strong results.
Going forward, I am confident we will continue to execute on our dual focus of profitable growth and operational transformation, turning these challenging times into opportunities for the creation of long-term shareholder value.”
UK results were not reported for the quarter but in its 2007 annual results, Zurich had showed operating profits of £91m, down from £323m the previous year due to floods, and a combined operating ratio of 104.8%. It had also seen its GWP decline a fraction to £2.06bn.
Meanwhile, its first-quarter group results also showed a general insurance business operating profit of $1.2bn (£610m), up 5%, which it said was largely driven by the European business and increased investment income from higher invested assets.
The company said rates had shown signs of improvement in a number of markets in Europe, but were flat overall because of rate reductions in Italy and Ireland.
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.
