Zurich outlines $1bn cost cutting plan as GI profits rise 54% in 2005
Zurich this morning said its general insurance business saw its operating profit rise 54% to US $1.9bn in 2005. It claims the improvement was supported by the strong underwriting performance in the Europe general insurance and International GI arms, an 18% increase in the segment’s net investment income, and significantly reduced prior-year developments.
The company also outlined plans to cut $1bn in costs across the whole group over the next two years, with 20% expected to come from cost reductions.
In a statement Zurich said: “The [good performing
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