ZURICH DELAYS 2004 RESULTS

Zurich Financial Services (ZFS) Australia has delayed releasing its full-year results for last year as it continues its discussions with Australian regulators about how it should account for certain reinsurance arrangements entered into in 2000. The Sydney-based subsidiary of Switzerland-based ZFS said that “Zurich has previously advised ASIC that as a result of reinsurance arrangements entered into in 2000, the accounts for the years 2000 to 2003 contain errors which require correction”. The Australian operation has been under investigation by the Australian Prudential Regulation Authority (Apra) since last June. Meanwhile Apra has proposed that actuaries prepare a special financial report on each non-life insurer every year. The report would be available to the company’s board, senior management and Apra, but not to the general public. The measure has been cautiously welcomed by the Insurance Council of Australia and the Institute of Actuaries of Australia.