Zurich Insurance 3Q Profit Jumps

By Brian Blackstone

ZURICH--Zurich Insurance Group AG (ZURN.EB) said on Thursday that third-quarter net profit rose to $912 million from $207 million in the same period last year, as the company nears the anticipated disclosure of its plans for an overhaul.

The Zurich-based company said total business volumes, a measure of gross written premiums, policy fees, and other items, fell 1% compared with the year-ago period, to $15.56 billion.

Total return on the company's investments in the quarter was 1.4%, compared with 1.1% in the period last year. Like other insurers, Zurich has had to contend recently with low and even negative interest rates, which have choked investment returns.

Zurich Insurance Chief Executive Mario Greco, who ran the general insurance business before departing for a rival, and then re-joining Zurich as CEO last March, is expected to disclose details of his plans next week at the company's investor day.

Write to Brian Blackstone at brian.blackstone@wsj.com

(END) Dow Jones Newswires

November 10, 2016 02:42 ET (07:42 GMT)

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