Zurich reports 490% increase in Q3 net income

Zurich Financial Services has posted a discrete Q3 net income of US$909 million, a 490% increase over 2008 Q3.
The company reported a net income of US$2.2 billion for the first nine months of 2009.
Net earned premiums and policy fees for the General Insurance Group was US$7.45 billion in the third quarter, compared to US$7.96 billion in the same period of last year.
The group’s combined operating ratio for the first nine months of 2009 was 96.9%, an increase of 1.9% over 2008’s 98.7%.
Gross written premiums and policy fees for the General Insurance Group was US$8.4 billion for 2009 Q3, as compared to US$8.6 billion for 2008 Q3.
General Insurance gross written premiums and policy fees for the first nine months of 2009 were US$26.3 billion, down 10% — or 3% in local currencies — mainly reflecting lower volumes in North America and difficult market conditions across Western Europe, the company reported.
“In this period of ongoing economic uncertainty, our focus remains on maintaining our strong balance sheet, driving operational excellence and delivering sustained profitable growth,” said Zurich’s CEO James J. Schiro.