Chairman and chief executive of Zurich Financial Services Rolf Hüppi has reportedly announced the group will not make an earnings forecast. This follows Zurich disappointing investors by lowering its earnings forecasts four times last year.
Hüppi told the press today: "I don't want to come out with a number that may or may not be wrong."
Zurich Financial was optimistic at the end of last year, announcing it expected to return to its 10-15% normalised growth target in 2002. However, it now says "it remains cautious in light of the uncertain risk environment and economic conditions".
The group has not yet announced a replacement for Hüppi who is stepping down as chief executive in June. He will be staying on as chairman.
