Winterthur Group

2004 result adversely affected by additional provisions of SF250mn relating to the sale of Winterthur's international arm

Winterthur Group

Swiss composite insurer Winterthur, which is being prepared for a stock market flotation by its parent company Credit Suisse Group, achieved a sharp turnaround in its result in 2004 after two years of restructuring. Net profit for the year was SF699mn (US$615mn), against a SF2.43bn loss in 2003, which in turn was preceded by a SF1.35bn deficit in 2002. The result turnaround was due to major improvements in underwriting results, strong investment results and the consistent implementation of cost reduction measures, according to the group's annual report.