Zurich Insurance coverage Group (Zurich) has reported a enterprise working revenue (BOP) of $3.72bn within the first half of 2023, a marginal decline from $3.73bn as compared with the identical interval final yr.
Internet revenue after tax attributable to shareholders (NIAS) elevated by 6% to $2.49bn from $2.34bn within the first half of 2022.
Diluted earnings per share (in CHF) was up 5% to SFr15.47 ($17.66), in opposition to final yr’s SFr14.79 ($16.89).
Property & Casualty (P&C) BOP dropped by 6% to $2.24bn whereas gross written premium and coverage charges in the course of the interval had been $24.56bn, 8% larger year-on-year (YoY).
In accordance with Zurich, the gross written premiums within the P&C enterprise elevated throughout all areas for each business and retail insurance coverage.
Sturdy regional development, particularly within the UK, Switzerland, Germany, and Italy, was the primary driver of development in EMEA.
Increased charges, significantly within the property and motor traces, continued to help enterprise in North America.
Whereas Latin America within the P&C section noticed strong business development and boosted regional retail gross sales, the Asia Pacific witnessed a major comeback within the journey insurance coverage business and development within the retail motor enterprise, the insurer added.
The primary half noticed Zurich’s life insurance coverage BOP rise 11% to $939m and new enterprise premiums in the course of the interval had been up by 13% to $8.24bn.
Progress in life insurance coverage enterprise premiums was attributed to retail financial savings gross sales in Spain and restoration in Japan’s safety gross sales.
Elevated gross sales in Brazil by Zurich’s three way partnership with Banco Santander additionally contributed to the life insurance coverage enterprise.
Zurich group CEO Mario Greco stated: “We’ve achieved a return on fairness that’s among the many highest within the business whereas minimising volatility, sustaining a powerful steadiness sheet and profiting from the expansion alternatives out there to us.
“Our 2023-2025 targets are our most bold but, however our agility, flexibility and give attention to delivering outcomes make me assured that we are going to obtain them.”
Earlier this week, the directors of Greensill Financial institution filed a lawsuit in London searching for $400m from Zurich.
