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Australia lifts Zurich first-half earnings

Swiss-based Zurich Group increased its first-half net income by 19% to $US1.8 billion ($2.46 billion), partly on the back of strong performance in the Australian market.

It says growth in Australia was driven by travel lines after Zurich completed its acquisition of Cover-More last year.

“In the first six months of this year we strengthened market share in Latin America and Australia and established a powerful global platform in the highly dynamic and promising travel assistance business,” Group CEO Mario Greco said.

“I’m extremely pleased with our continued progress. Our businesses are showing great resilience and improved profitability despite challenging market conditions.”

The property and casualty (P&C) arm recorded an 11% rise in overall operating profit to $US1.14 billion ($1.56 billion) and gross written premium was 3% higher at $US18.54 billion ($25.3 billion).

The P&C combined operating ratio improved two percentage points to 97.5%.