The Swiss based Zurich Financial Services Group announced a 13.2% decrease in first half earnings earlier this week. The organisation revealed a 'normalised' first half net profit of $922 million (SFr1.57 billion), down from $1.1 billion (SFr1.87 billion) for the first half of 2000.
However, it said that the poor performance was broadly in line with expectations, followin two profit warnings earlier in the year. Chairman and CEO of Zurich Financial Services, Rolf Huppi, spoke about the Group's poor performance. 'As we indicated earlier this year, we anticipated an adverse operating environment characterized by depressed equity markets, declining interest rates, a continued strong US dollar and weaker economies,' he explained.
'We achieved an annual normalized return on equity of 9%; while this is acceptable under current operating conditions, it is not a level that meets our expectations for the longer term.'
Mr Huppi also announced that the previously revealed spin-off of the Group's reinsurance arm, Zurich Re, which is part of a 2 year slim-down for the organisation, would take the form of a stock market listing.
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