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ZURICH INSURANCE

Zurich scraps bid to take over UK insurance rival

Switzerland's Zurich Insurance says it has scrapped a €7.7-billion bid to take over its British rival Royal & Sun Alliance.

Published: 21 September 2015 09:30 CEST
Zurich scraps bid to take over UK insurance rival
Photo: Zurich Insurance Group
 “Discussions with RSA have now been terminated and . . . Zurich does not
intend to make an offer,” the company said in a brief statement on Monday.
 
Separately, the Swiss insurer said it faces losses of €243 million ($275 million) following last month's industrial disaster in Tianjin, China.
 
The insurer said it forecast third-quarter losses of $200 million in its general insurance business and will conduct a review of the unit.

Massive explosions at a hazardous goods storage firm in Tianjin, northeastern China, on August 12th killed 161 people.

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PROFITS

Profits boost makes 2016 ‘a very good year’ for Swiss insurer

Zurich Insurance said on Thursday its profits rose 74 percent in 2016, thanks to fewer claims and progress in its restructuring drive.

Published: 9 February 2017 17:17 CET
Profits boost makes 2016 'a very good year' for Swiss insurer
File photo: Fabrice Coffrini/AFP
Switzerland's largest insurer said in a statement net profit amounted to $3.2 billion (3.0 billion euros) last year, a huge increase over the figure for 2015 when the company was hit by heavy costs linked to the industrial disaster in Tianjin, China.
   
Chief executive Mario Greco, who has been on the job for a year, is leading a reform effort focused on cost-cutting and streamlining the company's operations.
   
“We are well on our way to creating a simpler structure,” Greco said, describing 2016 as “a very good year.”
   
Analysts have, however, voiced doubt about Zurich's ability to reform.
   
Thomas Seidl, an analyst at Bernstein in London, said in a note to clients that he remains “sceptical about Zurich's turnaround plans.”
   
“The track record of past cost-cutting exercises is not strong and the people involved have not changed that much,” Seidl said.
   
Zurich's shares were trading at 281.10 Swiss francs ($282.33), down about one percent, while the overall market was higher.
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