Swiss insurance giant Zurich Financial Services posted a 14.9% rise in second-quarter net profit after a strong performance at its general insurance division, the company said today.

Zurich Financial said net profit for the three months ending June 30 rose to US$1.17 billion from US$1.02 billion in the year-earlier period.

First-half net profit, which was hit by a US$262 million charge booked in the first quarter and linked to bid-rigging settlements in the United States, rose 9% to US$1.96 billion from US$1.8 billion.

Zurich Financial, Switzerland’s largest insurer, said business operating profit in general insurance – its property and casualty operations – jumped 29% to US$1.78 billion in the first half as the company was able to maintain solid insurance rate levels in most of its business lines.

The company does not provide second-quarter details by segment.

The life insurance division, which has been revamped to improve the distribution network and a single global brand strategy, also had improved results, the company said. Business operating profit rose 4% to US$557 million from US$536 million.

“Strong operational gains from across our businesses generated another excellent performance,” said Zurich’s CEO James Schiro, in a news release. The success of our three-year operational improvement program, combined with the improving quality of our general insurance portfolio and consistent profitable growth in the life business, gives us confidence about Zurich’s continued operational momentum.”