Zurich Group remains on course for growth in the claims business
Published: Thursday, May 16th 2024, 07:10
Updated At: Friday, May 17th 2024, 01:59
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The Zurich Insurance Group has started the 2024 financial year with growth. Tariff increases were once again the driver. Growth in new life insurance business came to a standstill.
The key figure "insurance income", or insurance turnover, published for the first time as part of last year's IFRS conversion, rose by 9% to USD 10.25 billion in the first quarter of 2024 in the larger property and casualty (P&C) insurance segment, according to a statement on Thursday. In local currencies, the increase was 12 percent.
In life insurance, the quarterly update focuses on new business: Zurich puts the cash value of premiums from new business at 4.00 billion dollars in the first quarter. This corresponds to a slight decline of 4 percent, or 1 percent in local currencies, compared to the previous year's figure.
While the Group exceeded expectations in the non-life business, the figures for the life business fell short of analysts' expectations. The Group does not provide any information on profit figures for the first quarter.
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