Zurich sees profits surge.

Fonction Financial News

Switzerland's largest insurer Zurich Financial Services (ZFS), has reported its third consecutive quarterly profit, after posting huge losses in 2002.

For the third quarter of 2003, the company posted a $701 million (CHF908.1 million) net profit, pushing net income for the first nine months to just over 91.4 billion.

Analysts had been predicting third-quarter net profit of around 9450 million.

The company said that the profit had been boosted by selling off businesses, cutting costs, raising premiums and by a modest recovery in global equity markets.

"These results demonstrate that...

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