Zurich reports 7% fall in group income while UK operating profit rises 54%
Business operating profit in Zurich’s UK general insurance business increased by 54.1% to £34.7m in the first quarter of the year, compared to the same period in 2012 (Q1 2012: (£22.6m). The combined operating ratio improved to 96.5% (Q1 21012: 100.8%) and gross written premium fell almost 3% to £311.1m Q1 2012: £319.4m).
The expense ratio improved by 2.4 percentage points against Q1 last year to 28.6%, which Zurich following investment last year.
The firms stated that the "high pension costs" that it had to meet in
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