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Zurich Financial says 1st-quarter earnings rose 71 percent

Zurich Financial says 1st-quarter earnings rose 71 percent

Swiss insurer Zurich Financial Services AG said Wednesday its first-quarter earnings rose 71 percent on strong growth in its general and life insurance business, as well as management fees for the U.S.-based Farmers Exchanges insurance platform.
Net profit came to US$1.4 billion (euro1 billion) from US$810 million in the year-earlier period.
Chief Executive James J. Schiro said the results reflected Zurich's ability to balance operating and selective growth and that he was confident of continuing the growth trend in emerging markets, parts of Europe, and certain U.S. operations.
Speaking in a conference call with reporters, Schiro declined to respond to rumors that Warren Buffett's investment vehicle Berkshire Hathaway Inc. is seeking to make a bid for Zurich, but emphasized that the company has sufficient resources to remain independent.
Zurich Financial's gross written premiums and policy fees increased by 4 percent to US$10.2 billion (euro7.5 billion) in the first three months of the year, with a combined ratio of 93.3 percent from 91.8 percent the year before. A level below 100 percent means the business is profitable.
Analysts at Zuercher Kantonalbank said the results beat expectations and indicated that Zurich was profiting from good market conditions.
Shares in the insurance company rose 1.8 percent to 384.00 Swiss francs (US$315.93; euro233.37).


Updated : 2021-10-16 16:04 GMT+08:00