Zurich reports 76% increase in 2010 Q1 net income

Zurich Financial Services Group reported a profit of $935 million for 2010 Q1, an increase of 76%.
The company reported a return on equity of 13.2% for the first quarter.
The general insurance segment posted gross written premiums and policies of $10 billion, marking an increase from 2009 Q1’s $9.8 billion.
The general insurance combined ratio was 99% for 2010 Q1, a deterioration from 95.8% in 2009 Q1.
The general insurance segment’s business operating profit decreased to $621 million in the quarter from $889 million in 2009 Q1.
In a release, Zurich cited the earthquake in Chile, higher weather-related losses and reduced investment income (driven by lower yields for reinvested premiums) as factors affecting operating profit.
“Our general insurance business successfully maintained its focus on protecting profit margins, managing to absorb both the significant impact from the Chilean earthquake as well as the top-line pressures driven by reduced economic activity among our customers,” Zurich CEO Martin Senn said in a release.