Zurich Financial Net Income Down 16% in First Nine Months of 2008

Zurich Financial Services Group reported net income of $2.8 billion for the first nine months of 2008, a 32% decrease from the same period in 2007.The company said its results include a $1.1 billion in investment losses and $595 million in catastrophe loss from Hurricanes Gustav and Ike.Zurich said its post-tax business operating profit continued to remain above its mid-term target of 16%."In the face of such turbulent times, I am particularly pleased in our ability to deliver continued profits and maintain our high solvency ratio," said Zurich Chief Executive Officer James J. Schiro. "These r...