Zurich’s UK General Insurance Business reports a Gross Written Premium of £2,097 million for 2008, an increase of 2% on the previous year. The insurer is also able to report that its Combined Ratio has improved by 9.2 percentage points.
Key performance statistics are:
· Gross Written Premium (GWP) of £2,097 million (£2,060 m in 2007)
· Business Operating Profit (BOP) of £295 million (£91m in 2007)
· Combined Ratio of 95.7% (104.8% in 2007)
Despite tough market conditions particularly during the latter half of last year, the continuing pressure on pricing and the rising impact of claims inflation on both Business Operating Profit and the Combined Ratio, the UK General Insurance Business has delivered a strong performance.
Guy Munnoch, Chief Executive Officer of Zurich’s UK General Insurance Business said, “This is an extremely positive result that demonstrates our ongoing focus and drive to grow profitably in one of the most challenging market environments we have experienced for generations. This result has been achieved in spite of the fresh challenges presented by unprecedented economic conditions, an increased incidence of large claims, implementation of rate increases and rising claims inflation.
Mr Munnoch continued “Our multi-segment strategy combined with a relentless commitment to underwriting discipline, claims excellence, operational transformation and rigorous risk management, has enabled us to deliver in spite of the current market conditions. We have delivered an improvement in BOP to £295m, whilst maintaining underwriting discipline, and a combined ratio which has improved to 95.7% - an excellent achievement."
The Zurich Financial Services Group reported excellent operating performances, delivering its 24th consecutive quarter of profitability, despite exceptionally volatile markets and one of the most expensive catastrophes ever to hit the US.
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For further information contact
Maria Wyatt, Zurich on t: 01489 864817 m: 07764 282074 e: maria.wyatt@uk.zurich.com
Notes to Editors:
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries.
