Zurich Insurance plc has announced a solid operating performance for 2009. Zurich Insurance plc (ZIP) is the insurance giant's Dublin-based general insurance risk carrier for its European business.
ZIP says its business operating profit rose to €220m from €154m last year, while its general insurance gross written premiums amounted to €4.565 billion, up €2.480 billion from the previous year.
The figures include Zurich's general insurance business in Ireland, the UK, Belgium, France Italy (global corporate only), the Netherlands, Finland, Denmark, Norway and Sweden. After the transfer in January 2009, the UK general insurance business is now also included in ZIP.
The company said that the transfer of the UK business was an important step towards one balance sheet for Zurich's general insurance business in Europe.
It said that the Spanish and Portuguese businesses, as well as the majority of its remaining Italian business, were transferred to ZIP at the start of 2010. With the planned transfer of the German business later this year, ZIP is expected to generate revenues of about €11 billion.
