Zurich Financial profits down 53 pct
Swiss insurer Zurich Financial Services announces a 53 percent drop in net profit in the first half.Zurich -- Swiss insurer Zurich Financial Services announced on Thursday a 53 percent drop in net profit in the first half of 2009 to USD 1.3 billion (CHF 1.38 billion).
The company's business operating profit was down 28 percent to USD 2.6 billion during the same period, according to an earnings statement.
Zurich also confirmed its cost-cutting plan to save USD 900 million per year between 2009 and 2011, for a total of USD 2.7 billion.
Zurich's Chief Executive Officer James Schiro was upbeat about the results as the company reported its third straight quarter-on-quarter profit increase since the global financial crisis started in 2008.
"These results demonstrate our ability to generate consistently strong profitability, and underscore our confidence that we will enter the recovery period from a position of strength," Schiro said.
AFP / Expatica