Zurich makes further gains in non-life insurance
Published: Thursday, Nov 7th 2024, 08:10
Updated At: Friday, Nov 8th 2024, 00:59
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The Zurich Group remains on course for growth. In the first nine months of 2024, income in property and casualty insurance (P&C) continued to increase, also thanks to a further rise in rates. The Group also recorded growth in new life insurance business.
From January to September, gross premiums in the P&C segment rose by 4 percent to 36.1 billion US dollars, as Zurich announced on Thursday. The insurance sales figure published since the changeover to IFRS increased by 6 percent to 33.3 billion in the reporting period. On a comparable basis, the increase here is 5 percent.
In life insurance, the focus in the nine-month update is on new business: the cash value of premiums from new business was 4 percent higher than the previous year at 12.6 billion dollars; adjusted, this figure rose by 6 percent.
With the figures presented, Zurich has met analysts' expectations. On average, they had expected P&C insurance sales of 33.2 billion dollars and life new business premiums of 12.6 billion. The Group does not provide any information on profit figures for the first nine months.
On November 21, Zurich will present a plan for the years 2026 to 2028 with new targets at an investor conference. Zurich is on track to exceed its previous targets, according to the statement. The program, which will end in 2025, aims to achieve a return on equity to operating profit of 20 percent, among other things.
Meanwhile, the natural disasters of recent weeks have also had a negative impact on Zurich's accounts. In Florida, hurricane "Helene" is likely to have caused costs of 160 million dollars and "Milton" even 200 million.
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