View more on these topics

Zurich profits fall 40 per cent

Zurich’s operating profit world-wide has plunged 40 per cent in the first quarter to £728m compared with the same time last year.

For group life business, the Swiss-based firm’s operating profit after tax fell 35 per cent from £225m to £147m.

Zurich’s life new business dropped 7 per cent across the group, from £105m to £98m, in the first quarter compared with Q1 2008.

Meanwhile group investments plummeted a staggering 62 per cent in the quarter to £540m. The firm realised losses and impairments amounting to £662m.

The firm’s solvency position sat at 157 per cent at March 31. Shareholders’ equity increased 1 per cent from year-end to £14.7bn.

Zurich chief executive officer James J. Schiro says: “We have shown continual quarter on quarter improvement since the financial crisis began, and remain confident in our strategy despite the ongoing financial turmoil.

“Though we anticipate 2009 to remain challenging, I am pleased with our ability to maintain our strong solvency ratio and add to shareholders’ surplus while capitalizing on market opportunities that emerge.”


People on the move: Pensions

Prudential chief executive Mark Tucker is to step down from his position in October, with group financial officer Tidjane Thiam taking over the role. Tucker, who has been at the insurer for 25 years and held the position of CEO for the past four, has not revealed his future plans although he insists he has “one more big job” in him.

Tracker funds decline in popularity

After a surge of investment in the fourth quarter of 2008, net sales of tracker funds fell in the first quarter of 2009, according to quarterly statistics from the Investment Management Association.Retail sales of tracker funds in the first quarter saw an outflow of £31.7m, compared with an inflow of £279.4m in the fourth quarter […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm