Zurich reports strong growth across key business lines
Zurich Insurance Group has announced growth across all business segments for the first nine months of 2024, reflecting solid gains in both Property & Casualty (P&C) and Life insurance. Key highlights include:
- Property & Casualty (P&C): Gross written premiums (GWP) increased by 4%, with a 5% rate change, driven by strong commercial insurance margins and improving performance in retail.
- Life Insurance: Revenues rose, with new business premiums climbing 6%, bolstered by unit-linked and protection products in Japan, the UK, and Latin America.
- Farmers Management Services (FMS): Achieved a 6% increase in fee income, further supported by growth in Farmers Exchanges’ gross written premiums.
Zurich’s capital position remains strong, with an estimated Swiss Solvency Test (SST) ratio of 224% as of September 30, 2024. The insurer’s results underscore its resilient business strategy and position Zurich to exceed current targets ahead of its upcoming Investor Day on November 21, where it will present its three-year strategic plan.
“Our nine-month results confirm the continued strong momentum across all of Zurich’s businesses. In P&C, margins in Commercial Insurance continue to be favorable, and performance in Retail is improving. We are on track to exceed all current targets and look forward to presenting the new plan for the next 3 years at our Investor Day on November 21.” – Group Chief Financial Officer Claudia Cordioli.
