Zurich Insurance Group reports "excellent performance"
Zurich Insurance Group reports “excellent performance” | Insurance Business New Zealand
Insurance News
Zurich Insurance Group reports “excellent performance”
Group chief executive points to growth opportunities
Insurance News
By
Terry Gangcuangco
Zurich Insurance Group has performed excellently in the first half of 2024, according to its “very pleased” chief executive.
In the company’s half-year earnings report, Zurich outlined the following financial results:
Metric
H1 2024
H1 2023
Group business operating profit (BOP)
US$3.99 billion
US$3.72 billion
Property & casualty BOP
US$2.22 billion
US$2.25 billion
Life BOP
US$1.05 billion
US$939 million
Farmers BOP
US$1.12 billion
US$993 million
Net income attributable to shareholders
US$3.03 billion
US$2.49 billion
Lifting the lid on the numbers, the insurer noted: “The results are driven by an ongoing robust performance in P&C, a record BOP in the life business, and excellent growth at Farmers. The market environment for commercial P&C remains highly attractive, with rates responding well to loss-cost trends.
“Retail and SME P&C results show improvement over the second half of 2023, despite significant weather events. This was driven by strong rate increases, supported by improved customer satisfaction and retention.”
It was pointed out that while P&C BOP went down by 1% in US dollar terms, the figure was up 3% in local currencies.
“The higher insurance revenue and a strong investment result were partially offset by a higher combined ratio, which increased 0.7 percentage points year over year to 93.6%, mainly driven by catastrophe losses,” Zurich said about its P&C segment.
“The group continues to maintain a cautious approach to reserving while implementing actions to address the profitability of the retail business.”
Life BOP, on the other hand, was an all-time high for the first half.
Group chief executive Mario Greco (pictured) commented: “I am very pleased with these results which reflect excellent performance across all our businesses. This will continue to enable us to deliver strong returns for our shareholders.
“Market conditions have remained more favourable than anticipated, and we observe today many opportunities to profitably grow the business.”
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