Swiss insurer ZFS records nine-month profit drop
Swiss insurer Zurich Financial Services on Thursday reported an 18-percent drop in net profit for the first nine months of the year to 2.4 billion dollars in line with analysts' forecasts.
Zurich said its 751-million-dollar third-quarter profit took into account an announced 295-million-dollar charge for litigation over US-based Farmers Group.
"Our core businesses continued to deliver a robust operating performance in spite of the difficult economic environment in our major markets," chief executive Martin Senn said in a statement.
Business operating profit for the firm's general insurance sector over nine months fell by 22 percent to 2.0 billion dollars, mainly due to higher weather-related losses globally and the earthquake in Chile earlier in the year.
© 2010 AFP