Zurich reports business operating profit of USD 2.2 billion for the first half of 2015

On 6 August 2015, Zurich Insurance Group (Zurich) reported a business operating profit (BOP) of USD 2.2 billion, a decrease of 15 percent compared with the same period of 2014. And net income attributable to shareholders of 2.1 billion for the half-year ended 30 June 2015, decreased by 3 percent compared with the previous year.

While Global Life and Farmers continued to deliver positive results, the profitability of our General Insurance business was adversely affected by large losses, this was predominantly due to an increase in large losses in the UK and Global Corporate in North America, higher levels of catastrophe and weather related losses, and higher expenses. The expense ratio issue is being addressed and we expect to see the benefits of the measures coming through early next year. In addition, actions have been launched to address the profitability issues in parts of our General Insurance Business.

Zurich has made a proposal to RSA Insurance Group plc. (RSA) in late August regarding a possible offer to acquire the entire issued ordinary share capital of RSA. We believe that a transaction could bring significant benefits to both companies in terms of the complementary fit of RSA's business with Zurich’s own operations and in financial terms.