12th May 2021

Zurich on track

Zurich has reported first quarter financials-highlights are:
–A strong start to the year
-Property & Casualty(P&C) gross written premiums up 14% with growth of 9% on a like-for-like1 basis driven by strong growth in commercial insurance and further improvement in pricing
-Life new business value up 21% on a like-for-like1 basis driven by favourable business mix; year-to-date APE sales down 4% on a like-for-like1 basis
-Farmers Exchanges2 gross written premiums 4% higher
Continued delivery on customer-focused strategy, with approximately 300,000 net new retail customers added in first quarter
-Capital position very strong with Swiss Solvency Test ratio estimated at 201%.
“The Group has made a strong start to the year and remained on track with its strategy and financial plans in the first quarter,” said Group cfo George Quinn. “During the quarter, the Group has taken full advantage of the hard pricing conditions in the commercial business to deliver strong growth and further improvements in the underlying underwriting performance of the P&C business. In Life, the Group’s focus on growing higher-margin products, rather than simply increasing volume, has continued to support the performance of the business, while the Farmers Exchanges returned to growth even before the addition of the MetLife P&C business at the start of the second quarter. These trends, together with our very strong balance sheet, allow us to look forward to the remainder of the year with great confidence.”

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