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
Throwback Thursday: Royal retreats from Moscow
Insurance Post’s Throwback Thursday steps back in time to October 1991 to remind you what was going on this week in insurance history when Royal International was reconsidering its plans for a Moscow-based insurance company.
Q&A: Nick Dinsdale, Peach
Nick Dinsdale, underwriting director at Peach, speaks to Insurance Post about the firm’s new hire, AI in underwriting and Peach’s growth plans.
CFC report highlights gap in cyber awareness and understanding
Research from CFC has found that while SMEs are aware of the threat of cyber-attacks, most misunderstand the threats they face and the protection cyber insurance provides.
How AI is redefining the art and science of underwriting
As artificial intelligence adoption expands across underwriting, Marcel Le Gouais examines how a more complete picture is emerging of where automation ends and human judgement remains.
Big Interview: Simon Hunt, HDI
Simon Hunt, CEO of HDI UK and Ireland, reveals how he is looking to grow the corporate and specialty lines insurer by launching a new Lloyd’s syndicate and expanding in areas including energy, cyber and healthcare.
Are all the insurance job cuts necessary?
Deputy Editor’s View: After thousands of redundancies have been announced from all corners of the insurance industry, Scott McGee asks if job cuts are necessary.
Penny Black’s Social Diary: Aviva’s trams and Earnix’s sushi
Penny Black has been out and about again, notebook in one hand and canapé in the other, keeping a keen eye on the insurance industry’s more whimsical moments.
Top 100 UK insurers of 2026 revealed
Insurance Post’s Top 100 UK Insurers list has experienced a significant shake-up due to meaningful declines in revenues at Direct Line and Intact in 2025.