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Zurich announces 2001 result and proposed dividend
Zurich, March 11, 2002 - In difficult market conditions, Zurich Group recorded an IAS net loss of USD 387 million in 2001. The Board of Directors proposes a reduced dividend of CHF 8 per share. Normalized net income reached USD 348 million. Total premium volume increased by 13% to USD 56 billion.
Zurich Financial Services Group's IAS net income and its normalized results were affected by the events of September 11, which contributed insurance losses of USD 706 million after tax. In addition, higher than expected claims, increased charges for specific exposures such as asbestos and lower results from discontinued operations adversely affected IAS net income and normalized results. Moreover, the prevailing financial market conditions reduced life insurance and asset management results. They also led to lower realized capital gains and caused a pre-tax asset impairment charge of USD 838 million to IAS net income.
Taking these developments into account, the Board of Directors will propose a reduced gross dividend of CHF 8 per registered share (CHF 17.15 per share in the previous year) to the Annual General Meeting of Shareholders on May 16, 2002.
Details on the 2001 results will be presented and the outlook for 2002 will be addressed on March 21, 2002.
Key figures
| Total premium volume1 |
USD 56 bn (+13%) |
| Normalized net income |
USD 348 m |
| IAS net loss |
USD 387 m |
| Non-life combined ratio2 |
111% |
| Non-life combined ratio excluding Sept. 11 |
109% |
| Insurance losses from September 11 (after tax) |
USD 706 m |
| Pre-tax asset impairment charges |
USD 838 m |
| Proposed gross dividend |
CHF 8 per registered share |
- Includes IAS gross written premiums, life insurance deposits and premiums written by the Farmers P&C Group, which we provide management services to, but do not own. Percent increase is in local currencies vs. 2000.
- Compared with 104.2% in 2000, according to the new segment reporting.
The Zurich Financial Services Group (www.zurich.com) is a global leader of integrated financial services providing its customers solutions in the area of financial protection (non-life insurance and structured solutions) and asset gathering (life insurance and asset management). The Group focuses its activities on key markets, i.e. North America, UK, Switzerland, Europe and selected other markets where it has or can reach a competitive position. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 60 countries employing approximately 70,000 people.
Zurich Financial Services, Media and Public Relations
8022 Zurich, Switzerland
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41 |
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