By John Letzing
ZURICH--Zurich Insurance Group AG (ZURN.VX) Thursday reported a
4% rise in 2013 profit as the company benefited from fewer severe
catastrophes during the period.
The Zurich-based insurance giant said operating profit in its
general insurance business--the company's largest--rose 35% in 2013
compared with the previous year. Lower costs in the business and
"disciplined underwriting" fueled the result, Zurich said in a
statement. Gross written premiums and policy fees at the general
insurance business rose 2% to $36.4 billion. The global life
business registered a 6% decline in operating profit, as gains in
Latin America were offset by declines in other regions, including
North America and Europe.
Zurich's board proposed a dividend of 17 Swiss francs ($19) per
share. In the year ended Dec. 31, Zurich reported a profit of
$4.028 billion from $3.887 billion the prior year. Return on
shareholder equity edged up to 12%
Zurich's combined ratio, a measure of how much is paid out on
claims and costs per dollar earned, improved to 95.5%, the company
said. A ratio of less than 100% means that an insurer's core
underwriting business is profitable.
Write to John Letzing at john.letzing@wsj.com
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