The underwriting result reflects a surplus of R10.8 million compared to a deficit of R24.5 million in the comparative period last year and the general insurance result (which includes attributable investment income) improved from R30.7 million to R54.7 million.

Gross premium income declined by 16% from R2.9 billion to R2.4 billion. This is in line with the Company’s stated strategy to focus on profitability and combined ratio improvement. Claims at R1.3 billion are down 22% on 2009 (R1.7 billion) and the initiatives currently underway to reshape the claims and underwriting environment are contributing to the positive underwriting result.

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Zurich Insurance Company South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 1965/006764/06)
Share code: ZSA     ISIN: ZAE000094496
(“Zurich” or “the Group” or “the Company”)