Zurich Insurance Group Q3 net income decreases

Zurich Insurance Group Limited has reported a net income after taxes attributable to shareholders of $477 million, or $3.23 per diluted share, for the third quarter ended September 30, 2012, compared to $1.24 billion, or $8.43 per diluted share, for the same quarter ended September 30, 2011.

Total revenues for the third quarter ended September 30, 2012 were $18.30 billion, compared to $6.91 billion for the same quarter ended September 30, 2011.

Net income after taxes attributable to shareholders for the nine months ended September 30, 2012 was $2.70 billion, or $18.34 per diluted share, compared to $3.21 billion, or $21.83 per diluted share, for the nine months ended September 30, 2011.

Total revenues for the nine months ended September 30, 2012 were $51.39 billion, compared to $35.17 billion for the nine months ended September 30, 2011.

Martin Senn, CEO, said: "Our strong overall underlying profitability clearly demonstrates that Zurich's strategy is delivering. While the third quarter was adversely affected by the previously reported adjustment in the German General Insurance business, we continue to see the benefit of our strong focus on pricing discipline and portfolio management.

"We are particularly pleased with the robust performance in some mature markets, notably the US where we are celebrating 100 years of doing business, and our continued success in the high potential growth markets in Latin America and Asia."