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Losses hit £272m at ZFS

Zurich Financial Services UK parent Zurich Financial Services Group has posted a £272m net loss for last year and pledged to cut dividends by more than 50 per cent.

ZFS, which issued a profits warning in December, says the events of September 11 and increased charges for exposure such as asbestos are to blame for the drastic loss.

As a result, the board of directors will propose slashing dividends to 3.35 from 7.19 per share at ZFS&#39 annual general meeting in May.

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