ZURICH—Zurich Financial Services Ltd.’s profit climbed to $1.97 billion during the six months ended June 30, an increase of 20% compared with the same period of 2010, the Swiss insurer reported Thursday.
Although Zurich suffered catastrophe-related losses during the first six months of this year, it benefited from a gain of $441 million before tax on the sale of shares in Beijing-based New China Life Insurance Co. Ltd. Zurich said it reduced its stake in the Beijing-based life insurer to 15% from 20% in February.
Zurich’s gross written general insurance premiums and policy fees rose 5% to $18.88 billion during the first six months of 2011, compared with the same period last year. In its global life unit, premiums and policy fees gained 1% year over year to $13.11 billion in the first half. Meanwhile Zurich’s Farmers Management Services unit saw revenues fall 2% year over year to $1.34 billion between January and June.
If this is true, that would be a real shame for a company like them.
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