Zurich reports 6% increase in 2009 net income

Zurich Financial Services Group reported a net income of $3.2 billion in 2009, marking a 6% increase from 2008’s net income of $3 billion.
Its solvency ratio improved 38 points, to 198% last year from 2008’s 160%.
Zurich’s general insurance unit saw its combined ratio improve year-over-year, decreasing from 98.1% in 2008 to 96.8% in 2009.
The general insurance unit reported an 8% decrease in gross written premiums and policy fees from 2008 to 2009 ($37 billion and $34 billion, respectively).
Its North America commercial business unit also saw a slight decrease in combined ratio, from 97.4% in 2008 to 96.9% last year.
Across the [general insurance] segment’s commercial business, comprising large corporate customers as well as small and mid-sized commercial firms, a continued focus on differentiated rate actions and underwriting discipline generated strong operating performances, with average rate increases of 4%,” a Zurich release says.
“Underwriting results and profitability also benefited from a more favourable loss experiences, including lower levels of natural catastrophe losses.”