Insurance -
Zurich’s profit falls - 05/03/2008
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An announcement by Zurich UK’s General Insurance business has revealed that it saw a 72% drop in profits in 2007.
Despite this, Zurich UK’s combined ratio rose to 104.8%, mainly as a result of last summer’s flooding. This is an 8% higher figure than the combined ration of the company’s global insurance business.
The CEO of Zurich, Guy Munnoch, said: “Clearly 2007 was a challenging year, not only for Zurich, but for the UK insurance industry as a whole, however our strong GWP result reflects our commitment to deliver sustainable profitable growth.
“We remain focussed on financial discipline and pricing integrity and we will grow our business by developing propositions that meet the needs of customers and distributors. We will continue to attract and retain the right people with the knowledge and expertise that will help us deliver our plans.”
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