Zurich Financial profits leap fivefold

By The Newsroom
Published 4th Feb 2010, 19:46 BST
Updated 4th Feb 2010, 19:50 BST
SWISS insurer Zurich Financial Services Group reported a fivefold increase in fourth-quarter net profit, thanks to higher premiums and fewer writedowns.

Net profit for the quarter ending 31 December was $1.05 billion (665 million), up from $205m in the same period in 2008, when Zurich suffered losses and writedowns on investments.

Cost-cutting also boosted the result. Zurich said it met its objective of saving $400m in 2009. Gross premiums for the quarter rose to $13.35bn from $12.8bn in the year-earlier period.