Rapid growth at Zurich slows in third quarter
Published 05/11/2010 | 05:00
THE breakneck growth of Zurich's Dublin-based life insurance companies slowed in the third quarter of the year, with analysts suggesting premiums rose by as little as 18pc.
Zurich's Swiss parent released a quarterly update yesterday, showing its Dublin-based businesses grew premiums by 42pc in the nine months to September. The figure compared with growth of 57pc in the first half of the year, suggesting growth had slowed considerably in the most recent three months.
"We estimate that the Q3 growth rate will have slowed to just 18pc year-on-year, though it's hard to gauge whether that is European hub driven or the domestic Irish market," said Eamonn Hughes of Goodbody.
Yesterday's figures don't strip out Zurich's domestic Irish business from the insurer's Dublin-based European hub, which sells throughout Europe. Fuller Irish figures will be released on Monday.