Zurich in the UK - Half_Yearly_Results_2005

Zurich in the UK - Half_Yearly_Results_2005: "Zurich reports strong results in the first half of 2005 with an increase in net income of 21% to USD 1.8 billion
Zurich, August 18, 2005 - Zurich Financial Services Group (Zurich) reports a record operating performance for the first half of 2005. Robust underwriting management, tight expense controls and a strong balance sheet underpin the Group's ability to deliver on its strategy and generate attractive shareholder returns. Performance highlights include:
Net income1 of USD 1,799 million, an increase of 21%2 and a return on equity (ROE)3 of 18.4% (annualized); earnings per share (diluted) of CHF 14.77, an increase of 15%
Business operating profit (BOP) of USD 2,305 million, an increase of 17% and an annualized BOP ROE3 after tax of 16.5%
Gross written premiums in General Insurance of USD 18.6 billion, an increase of 1% and a combined ratio of 96.9%
Gross written premiums and policy fees in Life Insurance stable at USD 5.5 billion; new premiums written (APE) of USD 1.1 billion, an increase of 4%, and new business profit margin of 10.9%, an increase of 1.2 percentage points
Management fees and other related revenue at Farmers Management Services of USD 1.0 billion, an increase of 4%, and business operating profit of USD 609 million, an increase of 10%
Group investments achieved net investment income of USD 4.0 billion, an increase of 10%, and total investment return of 3.4% (not annualized)
James J. Schiro, Chief Executive Officer of Zurich, said: 'We are pleased to see that the quality of our results has improved with all core businesses and Group investments contributing to the bottom line. Key drivers of our strong performance were customer focus, operational excellence"