'Solid' nine-month results for insurer Zurich

Swiss insurer Zurich Financial Services Group (Zurich) today posted “solid” nine-month results with net income of $2.2bn (€1.47bn), down 24%.

Third-quarter income was however $909m (€610m), a 490% increase over Q3 2008.

“In this period of ongoing economic uncertainty, our focus remains on maintaining our strong balance sheet, driving operational excellence and delivering sustained profitable growth,” said CEO James J. Schiro.

“By effectively balancing these levers, we have generated excellent quarterly results and ensured that Zurich is well positioned for the future under any economic scenario.”

The company’s Irish operation meanwhile said its market share for the period was up 46% on the back of strong pensions performance.

Zurich Life Ireland said its Pensions Single Premium business was up 25% to €505.6m (€403.6m for first nine months 2008) against a market decline of 11%.

The company said it now holds a 44% share of the PRSA market – a gain of eight percentage points since the half-year point this year.

New business in the Individual Protection (Life and Serious Illness cover) arm was up 14% to €15.2m compared to the same period in 2008, while new business APE was down 5% for the period, outperforming an overall decline in the market of 35%.

“The financial strength and commitment of our parent company Zurich to Ireland continues to be a major factor in our success,” Zurich Life CEO Anthony Brennan said.

“Financial strength is a key deciding factor when employers decide who to trust to manage their pension scheme”.