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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Commercial
Axa aims to double schemes business
Sarah Mallaby, chief distribution officer and mid-market trading director at Axa Commercial, has revealed the provider is looking to double its schemes business as the firm looks to become a “£2bn business”.
Tokio Marine could deploy $10bn in M&A over next 18 months
Brad Irick, managing executive officer and co-head of international business at Tokio Marine Holdings, has said the business can deploy $10bn (£7.4bn) in M&A transactions over the next 18 months.
Allianz’s Ktenidis looks to ‘dial up’ digital offering
Allianz Commercial’s new chief distribution officer Alex Ktenidis has told Insurance Post that he is looking to “dial up” the digital offering of the insurer.
Why insurance should be winning the war for talent
View from the Top: Frank Streidl, head of commercial insurance for Zurich UK, lays out why the industry needs to a better job at challenging misconceptions around working in insurance.
Q&A: Fiona Marry, Bridgehaven
Fiona Marry, recently appointed European chief executive of Bridgehaven, tells Insurance Post about the company’s international expansion plans and what sets the hybrid model apart.
Insurers must take ‘vital’ action after climate change report
Insurers have said the industry must take “vital actions” as a government report says the UK should adopt maximum temperature rules among other changes.
Intact looking at re-entering cyber market in 2027
Intact Insurance is ‘having a look’ at its cyber insurance strategy, and is considering returning to the market in 2027, Insurance Post can reveal.
Hiscox sees ‘plenty of headroom’ for growth
Hiscox sees “plenty of headroom” for growth across specialist sectors as it pushes to achieve 8% retail growth in 2026, according to chief distribution officer Gareth Hemming.