11th February 2018

Zurich CEO Greco says " our focus and discipline delivered strong performance last year"

Zurich has reported 2017 results. Highlights are:
-Underlying business operating profit(BOP)up 6% to $4.8bn
Unadjusted BOP down 15% to $3.8bn and net income after tax attributable to shareholders decreased 6% to $3bn
-On track to deliver on 2017 to 2019 targets with $700m in cost savings achieved, an underlying BOPAT ROE of 12.1% and an estimated Zurich Economic Capital Model(Z-ECM) ratio of 132%
-Reflecting underlying earnings growth and a positive outlook, the Group proposes a dividend of CHF18 per share, up 6%
-Announced anti-dilution measures that comprise the repurchase of shares of approximately $1bn
-Invested $2.7bn in acquiring customer offerings and distribution capabilities
-Property & Casualty (P&C) top line strengthened, while underwriting expenses and accident year loss ratio(ex-catastrophe) improved
-Life BOP rose 11% to $1.3bn driven by portfolio growth, improved product mix and reduced costs
-Higher fee income at Farmers Management Services driven by further growth at the Farmers Exchanges.
Group ceo Mario Greco comments “In a year of historic weather events, our focus and discipline delivered strong performance. We improved underwriting, reduced costs and expanded our service offerings, while growing premiums and improving our customer retention levels. These achievements made us resilient in the face of challenges and give us confidence as we look ahead to delivering our 2017 to 2019 targets.”

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