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Zurich Group announces loss of £1.3bn

Zurich Financial Services Group today announced a loss after tax of £1.3 billion or $2bn in its half year results for 2002.

It says this is a result of its strong premium growth and improved claims performance being more than offset by a significant decline in realised and unrealised capital gains and special provisions totalling £1.7bn or $2.7bn after tax.

It says it will now concentrate on core insurance markets in the US, UK and continental Europe.

Zurich CEO James J Schiro says: “Over the last three months, we have conducted a thorough review of the Group&#39s strategy and operations. We will sharpen our focus as an insurance-based financial services provider with an international network, concentrating on chosen markets.”

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