Zurich, Switzerland (GenevaLunch) - Zurich has announced a $4.2 billion profit for the third quarter of 2008 and net income of $2.8b, despite what it calls “extreme market conditions.”

Both were down, however, from 2007 figures for the period. The world’s largest insurance company noted that net capital losses for shareholders were $1.1 billion and catastrophe losses attributable to hurricanes Gustav and Ike in the US cost the company $595 million. The company is ranked fifth in the world by Fortune magazine and CNN for 2008 in the financial services industry.

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