Zurich reports business operating profit of USD 2.5 billion in the first nine months of 2015

On 5 November 2015, Zurich Insurance Group reported a business operating profit of USD 2.5 billion for the nine months ended 30 September 2015, down 35% compared with the same period of 2014. Net income attributable to shareholders was USD 2.3 billion, 27% lower than in the previous year.

Results for the General Insurance business have been impacted by adverse claims experience in certain portfolio, including a further increase in large losses, negative prior year development in some portfolio in North American and USD 275 million in claims relating to the Tianjin port explosions.

In response to the recent performance issues within General Insurance, an operational review of the business has been commenced which lead to a set of comprehensive actions to improve performance, reduce volatility and deliver a rapid recovery in profitability.

Global Life and Farmers continued to perform in line with expectations. The Group maintained its very strong capital position and will set out how the projected USD 3 billion of excess capital will be allocated between organic and inorganic investments and cash returns to investors above our ordinary dividend with full year results.