ZURICH--Zurich Insurance Group AG on Thursday reported a 20%
gain in first-quarter profit, as catastrophe-related losses
declined and the firm moved ahead with streamlining efforts.
The Zurich-based insurance giant said operating profit for its
general insurance business, the firm's largest, rose 5% in the
quarter compared with the same period a year earlier, to $845
million. The unit's combined ratio, a measure of how much is paid
out on claims and costs per dollar earned, improved to 93.9% from
94.9%.
Gross written premiums and policy fees at the general insurance
business were flat compared with the same period last year, the
company said.
Zurich said its global life business saw a 4% rise in operating
profit in the quarter to $319 million, as gross written premiums,
policy fees and insurance deposits rose 5% to $7 billion.
Overall, the company reported a profit of $1.27 billion for the
quarter, compared with $1.06 billion reported for the same period
last year.
Overall return on shareholder equity rose to 16.2% from 14.1%,
the company said, while the firm's overall combined ratio improved
to 93.9% in the quarter from 94.9% in the same period last year. A
ratio of less than 100% means an insurer's core underwriting
business is profitable.
-- Write to John Letzing at john.letzing@wsj.com
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