Leading European insurer Zurich Financial has posted a $3.4bn (£2.1bn) net loss for 2002.
Its non-life insurance operations recorded gross written premiums of $29.8bn (£18.3bn) in 2002. Its combined ratio before special provisions improved to 103.6% from 109.2%.
In the UK, Ireland and South Africa region (UKISA), Zurich posted a 24% increase in gross written premium (GWP) to US$4.8bn (£3.03bn). Meanwhile UKISA business operating profit fell by 9% to US$107m (£67.6m).
WIth regard to the Zurich Group, analysts had forecast a net loss of between $3bn (£1.89bn) and $3.5bn (£2.2bn). The operating profit was up to $1.1bn (£632.2m) from $217m (£137m) but Zurich took special provisions of $3.5bn (£2.2bn).
The group results follow Zurich's 18-month restructuring drive which began last September and involved a now-completed cash call, management overhaul and business retrenchment.
Chief executive Jim Schiro said the company had begun to see the impact of the programme.
He added that the Swiss insurer was on track for a return to profitability in 2003 as underlying business operating profit improved at an accelerated rate this year.
Schiro added that he saw no need now for an additional capital increase after the firm raised $2.5bn (£1.6bn) last year with a rights issue.
