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Zurich Financial says first-half profit rises 33%
POSTED: 9:31 a.m. EDT, August 18,2007
First-half net profit at Zurich Financial Services soared by 33 percent to 2.68 billion U.S. dollars, beating expectations, the insurer said on Thursday.

Switzerland's largest insurance company said that its return on common shareholders equity rose to 22.3 percent in the first half of 2007, while business operating profit increased by 12 percent to 3.3 billion U.S. dollars.

"These excellent results reflect our ability to successfully leverage a strong balance sheet through disciplined underwriting, targeted growth and operational efficiency, particularly given the current global financial environment," said CEO James J. Schiro in a statement.

"Together with our well-diversified book of business, these underlying strengths continue to underpin the delivery of consistent shareholder value and top tier financial results."

The Zurich-based insurer said that its general insurance was 19billion U.S. dollars, up 3 percent, but flat in local currencies.

Life insurance premiums -- on an annual premiums equivalent basis -- rose 12 percent, or 5 percent in local currencies.

The combined ratio, which measures costs and claims as a percentage of premium income, stood at 96.5 percent, up from 94.8 percent a year ago. The higher the ratio, the lower underwriting profitability.

From: xinhua
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