Thu, Feb 22nd 2024
Zurich Group’s financial performance soars in 2023, marking a historic operating profit of $7.38 billion, up 21%, and a net profit increase of 10% to $4.35 billion.
The Zurich Group earned significantly more in the past financial year than in 2022. Further increases in tariffs, growth, and a clear improvement in investment contributed to income.
Operating profit climbed by 21% to USD 7.38 billion in 2023, as Zurich announced on Thursday. This is the highest operating profit the Group has ever achieved.
The Group’s net profit increased by 10% to 4.35 billion dollars. The profit growth and solid capital position with an SST ratio of 233% will allow Zurich to distribute around 5 billion dollars to shareholders.
To this end, the Group proposes increasing the dividend by CHF 2 to CHF 26 per share. In addition, a share buyback of 1.1 billion dollars will be carried out.
The positive development is also reflected in the return on equity on operating profit. This climbed 5.3% to 23.1% and was above the target for 2025 (20%). Zurich also aims to increase earnings per share by 8% annually in the period from 2023 to 2025.
The Board of Directors will also propose the election of investment banker John Rafter to the Board at the Annual General Meeting on April 24. Rafter can look back on a long career at Goldmann Sachs.
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