Zurich Insurance Falls to Bigger Than Expected Loss
February 11 2016 - 1:50AM
Dow Jones News
ZURICH—Zurich Insurance Group AG said on Thursday it swung to a
bigger-than-expected net loss in the fourth quarter as the firm's
largest business continued to suffer.
The Zurich-based company said its net loss in the period to the
end of December was $424 million, compared with a net profit of
$860 million in the same period a year earlier.
Analysts had expected a net loss of $218 million.
Total business volumes, which includes gross written premiums
and fees, fell 18% to $16.2 billion, Zurich Insurance said. The
company said its total return on investment in the period was 0.5%,
compared with 2.2% in the quarter a year earlier.
Zurich Insurance said its largest business, the general
insurance unit, had a combined ratio—a measure of how much is paid
on claims and costs for every dollar earned—was 103.6%. A ratio of
less than 100% means that an underwriting business is profitable.
The general insurance unit saw operating profit fall 71% last year,
compared with 2014.
Zurich Insurance's results come shortly after the company
announced that it has hired Mario Greco as its new chief executive,
effective later this year. Mr. Greco, who is leaving his post as
CEO at Assicurazioni Generali SpA, is a former Zurich Insurance
executive who once ran its general insurance business.
(END) Dow Jones Newswires
February 11, 2016 01:35 ET (06:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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