Swiss insurance group Zurich Financial Services has posted a 33 per cent increase in net profit to US$2.7 billion for the year to June 2007.
The firm said its general insurance business had made an operating profit of US$1.8 billion, up $51 million on the previous corresponding period.
The positive results come in spite of the huge payouts as a result of the flooding in the United Kingdom.
Zurich said the US$566 million worth of payouts were offset by higher premiums, which increased by 3 per cent in dollar equivalent terms.
The firm also said it had suffered no fallout from the recent sub prime lending crisis in the United States.
"The Group has no material exposure to US sub prime debt or CDO equity tranches in its investment portfolio and did not incur any impairment on these for the half year," Zurich said in a statement.
Net investments by the group were up 10 per cent to US$4.8 billion for the year to June.
"These excellent results reflect our ability to successfully leverage a strong balance sheet through disciplined underwriting, targeted growth and operational efficiency, particularly given the current global financial environment," Zurich's chief executive James Schiro said.
