Zurich: quarterly net profit down

Zurich Insurance has achieved in the first quarter 2016 net profit attributable to shareholders of 875 million dollars (851 million francs), down 28% from a year ago.

Operating profit (Business Operating Profit, BOP) fell by 16% to 1.09 billion dollars. A decrease in the volume of premiums collected, decreased by 6% over one year to 17.59 billion dollars, the insurance group announced today. Own funds (-1%) fell below $ 31 billion, while the combined ratio, ie the ratio between costs and premiums, worsened slightly to stand at 97.7%.
The performance announced today is better than the expectations of analysts consulted by the agency financial awp, who had anticipated a BOP 971 million, a net profit of 749 million and a cost / premium ratio of 98.9%. Only the data relating to own funds does not meet expectations.

"We are only at the beginning of the process, but the results show that the measures taken to improve performance in insurance damages are taking their toll," said George Quinn CFO.