15th May 2022

Zurich starts 2022 with strong top-line growth

Highlights are:
-Property & Casualty (P&C) gross written premiums up 8%, with growth of 12% on a like-for-like1 basis, driven by strong growth in commercial insurance and further improvement in pricing
-Life annual premium equivalent up 14% on a like-for-like1 basis, with new business margin at an attractive level of 25.7%
-Farmers Exchanges gross written premiums 29% higher, benefiting from the inclusion of the MetLife transaction and strong business growth
-Continued delivery on customer-focused strategy, with approximately 400,000 net new retail customers added in first quarter
-Capital position very strong with Swiss Solvency Test ratio estimated at 234%
-Zurich Foundation steps up to help those impacted by the war in Ukraine through fundraising and other initiatives across Europe
Group cfo George Quinn comments “The war in Ukraine and the humanitarian crisis that it has triggered are almost beyond comprehension. The Group and the Zurich Foundation5 have provided financial and logistical support. We are especially proud of our colleagues who have opened their homes to families fleeing the war. Although the effects of the war are expected to lead to significant losses for the insurance industry, we do not expect insurance claims to be significant for the Group. In fact, the Group has made a strong start to the year and expects to exceed all financial targets for 2022. We saw a rise in premiums across the Group, most notably in our North American Property & Casualty business, where crop insurance and rate increases drove double-digit top-line growth. Despite inflationary pressures, we expect rates to exceed loss-cost trend well into 2023. The positive operating trends in the first quarter, together with the Group’s very strong balance sheet, give us confidence that we will successfully conclude the current strategic cycle later this year.”

Zurich Trends(772 articles)