Zurich Financial’s profits plummet
Swiss insurer posts a 90 percent drop in profit for the third quarter.13 November 2008
ZURICH - Swiss insurer Zurich Financial Services AG on Thursday reported a 90 percent drop in profit for the third quarter following pre-tax writedowns of USD 1.1 billion (CHF 1.31 billion) and a costly hurricane season.
Net income attributable to shareholders fell to USD 154 million in the three months ended 30 September from nearly USD 1.55 billion in the same period last year, the company said in a statement.
Payouts from hurricanes Gustav and Ike totalled USD 595 million during the quarter.
Zurich Financial benefited from a one-off accounting gain of USD 357 million thanks to regulatory changes in German insurance law.
[AP / Expatica]