Zurich Insurance Group unveils first-half results
Zurich Insurance Group unveils first-half results | Insurance Business America
Insurance News
Zurich Insurance Group unveils first-half results
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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