A name change is on the way for Zurich
Financial Services (Zurich). Subject to approval by shareholders at
Zurich’s annual general meeting to be held on 29 March, the Swiss
company will re-emerge as Zurich Insurance Group.
In a statement, Zurich said that over the past
several years Zurich has streamlined its business portfolio to
concentrate on insurance. In recognition of this strategic focus,
Zurich’s board of directors considers that a name that highlights
the group’s core insurance activities will be more appropriate.
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Zurich has just reported that in 2011 it
earned total premium income of $68.58bn, an increase of 1% compared
with 2010. General insurance operations lifted premium income by 5%
to $34.572bn while life operations saw premium income fall 5% to
$27.711bn.
Premium income of Zurich’s US composite
insurance unit Farmers Insurers Group was reported separately as
$6.296bn. Zurich’s earnings per share in 2011 came in 7% below
those reported in 2011 in Swiss franc terms.
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