Advertise
Resources
Member, Beacon International Group, Ltd.
ZURICH, Switzerland--Zurich Financial Services Group posted net income of $114 million for the first quarter of 2003, up from $6 million in the comparable period last year.
The Zurich, Switzerland-based multiline insurer recorded total gross written premiums of $15.5 billion in the first quarter of 2003, a 23% increase over the same period last year.
ZFS' nonlife premiums grew 32% to $9.8 billion, while nonlife premiums increased17% to $5.6 billion.
James Schiro, the company's chief executive, said the improvements reflected progress in ZFS' turnaround program, as well as the insurers' increased underwriting discipline. The turnaround plan, announced last fall, involved ZFS cutting jobs and exiting unprofitable businesses (BI, Sept. 9).
Meanwhile, ZFS said Thursday that it is selling part of its Dutch operations to Netherlands-based bancassurance company SNS Reaal Groep N.V. for an undisclosed sum.
In 2002, ZFS' Dutch life operations and its consumer and small-business arm in the region recorded gross written premiums of 211.5 million euros ($221.8 million). ZFS said it would continue to serve nonlife corporate clients in the Netherlands from its continental Europe operation.