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Home . International Insurance News . Europe . Zurich reports strong performance in 2009 – especially Global Corporate

Zurich reports strong performance in 2009 – especially Global Corporate

Thursday, February 04, 2010

Zurich, February 4, 2010 – Zurich Financial Services Group (Zurich) reported today continued strong operating performance, sustained profitability in all its core business segments and targeted growth in profitable market segments, particularly in Global Life and Farmers. For the year 2009, the Group generated an increased business operating profit and net income after tax of USD 5.6 billion and USD 3.2 billion, respectively. Reflecting its confidence in the sustainability of these results, the Zurich Board of Directors will propose to the shareholders a gross dividend of CHF 16.00.

“2009 was an excellent year for Zurich. We generated a strong operating performance across all our core businesses and emerged from a challenging year with one of our strongest balance sheets ever,” remarked Zurich’s Chief Executive Officer Martin Senn. “It is that proven ability to generate consistent earnings and achieve growth in targeted market segments that underpins my confidence looking forward, as it enables Zurich to face both challenges and opportunities from a position of strength.”

Performance highlights include:

Business operating profit (BOP) of USD 5.6 billion, an increase of 8%. BOP return on equity after tax of 17.2%
Net income of USD 3.2 billion, an increase of 6%. Return on equity of 12.6%
General Insurance gross written premiums and policy fees of USD 34.2 billion, down 8% or 4% in local currencies, and a combined ratio of 96.8%, an improvement of 1.3 percentage points
Global Life new business value, after tax, up 4% to USD 782 million, with new business margin, after tax (as % of APE), of 21.3% and new premiums (APE) up 12% or 19% in local currencies
Farmers Management Services’ management fees and other related revenues up 9% to USD 2.7 billion
Shareholders’ equity of USD 29.7 billion, an increase of 34%
Diluted earnings per share of CHF 24.21, up 4%

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