May 15, 2014 / 5:05 AM / in 4 years

Zurich first quarter net profit rises by 20 pct

ZURICH, May 15 (Reuters) - Zurich Insurance posted a 20 percent rise in first quarter net profit on Thursday, as the company said there were early signs it would hit its medium-term targets.

The company reported first-quarter net income of $1.3 billion, beating expectations for $1.1 billion in a Reuters poll of analysts.

“We see some early positive signs in the execution of our strategic targets for 2014 to 2016, but there is still much to do,” Zurich’s finance chief George Quinn said in a statement.

Zurich’s combined ratio for the first quarter, a measure of underwriting profitability, was 93.9 percent, a 1 point improvement on the year.

Reporting by Joshua Franklin

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