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Zurich Announces Strong Q2 Results

Posted on 12 Aug 2011

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Zurich Financial Services Group today reported a business operating profit (BOP) of USD 2.1 billion and net income after tax (NIAT) of USD 2.0 billion for the six months ended June 30, 2011.

“We have delivered another solid performance, which clearly underlines the success of our strategy,” said Chief Executive Officer Martin Senn.
“We continue to focus on our pricing and portfolio discipline. This is visible in both General Insurance and Global Life and reflected in our solid margin in Farmers.”

“I am particularly pleased with the second quarter results, as our second quarter business operating profit reveals excellent underwriting performance from General Insurance where we continue to see further improvements in the underlying loss ratio”, Mr. Senn said.

Net income attributable to shareholders for the second three months of 2011 was enhanced by realized gains of USD 441 million (before tax) on the previously reported sale of shares in New China Life Insurance Co., Ltd.

The Group also made significant progress in implementing its strategic initiatives, positioning itself for future profitable growth in both emerging and mature markets.

“Our emerging market strategy is progressing well. Earlier in July, we signed definitive agreements with Santander to establish the previously announced long-term alliance in Latin America. In addition, the announced acquisition of Malaysian composite insurer Malaysian Assurance Alliance Berhad (MAAB) will further enhance our presence in the Asia-Pacific region”, Mr. Senn said.

Zurich also announced today the signing of a definitive agreement with Deutsche Bank to extend the existing exclusive distribution agreements for life and general insurance products in Germany until December 31, 2022.

The businesses continue to deliver strong cash flows, while Zurich’s strong capital base and solvency position are mainly unchanged.