Zurich Insurance Group publishes first-half results

Zurich Insurance Group publishes first-half results | Insurance Business Canada

Insurance News

Business operating profit matches previous high

Insurance News

By
Terry Gangcuangco

Results season is in full swing, with Zurich Insurance Group among the latest to outline its interim financials.

According to Zurich’s earnings report, here’s how the global insurer performed in the six months ended June 30, 2023:

Metric

H1 2023

H1 2022

Property & casualty business operating profit (BOP)

US$2.25 billion

US$2.38 billion

Life BOP

US$939 million

US$847 million

Farmers BOP

US$993 million

US$982 million

Group BOP

US$3.72 billion

US$3.74 billion

Net income after tax attributable to shareholders

US$2.49 billion

US$2.34 billion

Lifting the lid on the numbers, Zurich noted: “Net income after tax attributable to shareholders (NIAS) increased 6% to US$2.5 billion compared with the prior-year period, mainly due to a more favourable net impact from capital gains and losses.

“NIAS also included US$0.1 billion of costs incurred related to the repurposing of some of Zurich’s own use real estate portfolio.”

Zurich described the company’s interim results as “strong,” with its operating profit matching the record-high BOP posted in the same span in 2022.

Commenting on Zurich’s financials, group chief executive Mario Greco said: “Zurich has made a strong start to the new financial cycle. We have high expectations for the group’s performance and we set targets accordingly. More importantly, we deliver.

“We’ve achieved a return on equity that’s among the highest in the industry, while minimising volatility, maintaining a strong balance sheet, and taking advantage of the growth opportunities available to us.

“Our 2023-2025 targets are our most ambitious yet, but our agility, flexibility, and focus on delivering results make me confident that we will achieve them.”

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