Zurich Group grows in the first nine months
Published: Thursday, Nov 9th 2023, 07:10
Updated At: Friday, Nov 10th 2023, 00:53
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The Zurich Insurance Group continued its growth in the first nine months of the year. It made further gains in both property and casualty insurance (P&C) and new life insurance business.
Gross premiums in property and casualty insurance amounted to 34.59 billion dollars from January to September, as Zurich announced on Thursday. This corresponds to an increase of 8 percent compared to the previous year; adjusted for currency effects and on a comparable basis, growth amounted to 9 percent.
In life insurance, Zurich put the cash value of premiums from new business at 12.17 billion dollars. This corresponds to an increase of 21 percent or 23 percent on a comparable basis compared to the previous year's figure provided by Zurich.
Zurich maintained its momentum in the third quarter, CFO George Quinn is quoted in the press release. He is confident that Zurich will finish the year strongly and achieve its financial targets for the period 2023-2025.
Capital adequacy remains solid. Zurich puts the Swiss Solvency Test (SST) ratio at 266% after 263% at mid-year. This is still well above the company's own target of 160%.
The insurer's claims business figures were below analysts' expectations. However, the estimates were subject to major uncertainties because Zurich presented a nine-month result for the first time as part of the IFRS 17 adjustments.
©Keystone/SDA
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