Swiss insurer ZFS records nine-month profit drop

4th November 2010, Comments 0 comments

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

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