Zurich reports net income of US$4.2 billion (November 16, 2007)

Zurich Financial Services Group has reported a net income of US$4.2 billion for the first nine months of 2007, marking an increase of 25% over the same period of 2006.
The company reported and an annualized return on equity of 21.4%.
Gross written premiums and policy fees for general insurance were a reported US$27.3 billion, up 4% in local currencies, and the company achieved a combined ratio of 96.9%, which is a 2.4% increase primarily due to storms and floods in the UK, in addition to the winter storm Kyrill, the company reports.
I am pleased with the performance of our businesses as they are generating record profits in todays challenging financial markets, James J. Schiro, CEO, Zurich, said in the release. As our results indicate, we are growing in our selected markets, maintaining a keen focus on profitability, and benefiting from sound risk and investment management strategies.
A Zurich statement attributes the profits to underwriting discipline and the management of different business areas for margin and/or volume.