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Zurich CEO says Brexit has no risk to UK business

Zurich CEO says Brexit has no risk to UK business

Zurich CEO says Brexit has no risk to UK business Zurich CEO Mario Greco said the impact of Britain’s decision to leave the European Union remains unclear and it may not even endanger the company’s operations in the UK.
 
In an interview with CNBC, Greco said that Brexit has introduced a new risk and new volatility in the European market.
 
However, Greco said the consequences of the historic referendum in June are still not certain since the Brexit process has yet to start.
 
Greco also expressed confidence that the insurance powerhouse will withstand Brexit’s potential impact.
 
“For us, we have a good business in the UK and that business has no risks after Brexit,” Greco told CNBC.
 
“But in broader context, we need to understand that this is just a simple country's decision to get out – and a special country like the UK was in Europe – or if there will be a broader impact on the European set up and on the European agreements.”
 
Greco said the company is “interested” to grow its business in the UK.
 
“UK is a very important market, the UK economy is a strong economy and we grow our business and we're very pleased with our business there,” he said.
 
On Thursday, Zurich revealed its second-quarter financial results, reporting a 12% decrease in profits.
 
The insurer’s net income fell from US$840 million to US$739 million, though it was well ahead of the US$646 million expected by Bloomberg analysts.
 
Combined ratio in the second quarter rose to 99% from 97.7% in the previous three months.

The decline was blamed on natural catastrophe losses and an ongoing restructure at the company, with Greco looking to overhaul the insurance giant.
 
 
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