Zurich Insurance coverage Group has reported a BOP of $7.38bn for 2023, a rise of almost 21% in contrast with $6.12bn in 2022.
Zurich’s P&C section reported a BOP of $3.89bn, marking a 7% improve, primarily because of greater insurance coverage income and an improved funding outcome.
P&C gross written premiums and coverage charges additionally noticed a 7% uptick to $44.4bn in 2023.
Progress within the Europe, Center East and Africa area was significantly notable, with vital contributions from the UK, Germany, Switzerland, Italy and Spain.
In North America, the insurance coverage supplier benefitted from elevated charges, particularly in property and motor traces.
The Asia-Pacific area skilled a restoration within the journey insurance coverage sector and progress in retail motor insurance coverage, whereas Latin America displayed sturdy industrial enlargement and heightened retail gross sales.
Entry essentially the most complete Firm Profiles
available on the market, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e-mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nevertheless, we would like you to take advantage of
helpful
choice for your enterprise, so we provide a free pattern which you can obtain by
submitting the under kind
By GlobalData
Regardless of experiencing extreme climate occasions, together with flooding and hailstorms in Europe in the course of the third quarter, Zurich maintained its pure disaster losses inside the forecasted vary for the complete yr of 2023.
The life insurance coverage enterprise section achieved a document BOP of $2.06bn, a 39% surge, with progress reported throughout all areas of the enterprise.
Life insurance coverage new enterprise premiums climbed by 24% to $16.38bn from $13.24bn in 2022.
The expansion was propelled by a number of components together with substantial retail financial savings product gross sales in Spain by way of a three way partnership with Banco Sabadell, predominantly within the first quarter, safety gross sales in Asia-Pacific and unit-linked gross sales in Latin America, the corporate stated.
Contemplating these outcomes and a robust capital place, Zurich has proposed an 8% dividend improve to SFr26, which represents a 19% rise in greenback phrases.
Moreover, the corporate is planning to boost the abnormal dividend with an additional share buyback programme of as much as SFr1.1bn.
Zurich group CEO Mario Greco stated: “We delivered document returns in 2023, effectively forward of all targets for 2023–25, with significantly sturdy progress in P&C and Life and extremely efficient administration actions on the Farmers Exchanges. I count on this constructive momentum to proceed and to attain EPS [earnings per share] progress above 10% over the cycle.”