Zurich Insurance coverage Group has reported web revenue of $5.8bn attributable to shareholders after tax in 2024, a 34% enhance from $4.3bn in 2023.
The corporate’s enterprise working revenue (BOP) additionally elevated, reaching $7.7bn in 2024, a 5% enhance from $7.3bn in 2023.
The Life BOP stood at $2.2bn, a rise of 8%, whereas property & casualty (P&C) BOP reached $4.2bn, additionally up by 8%.
By way of premiums, life section gross premiums rose by 3% to $33bn and P&C gross written premium and coverage charges climbed by 5% to $46bn.
The expansion within the life section was pushed by Europe, the Center East and Africa, which noticed sturdy efficiency in payment companies, progress within the contractual service margin (CSM) and the next funding end result.
The P&C section’s progress was attributed to stronger insurance coverage income, a decrease mixed ratio and the next funding end result.
Zurich’s industrial insurance coverage enterprise delivered a robust BOP of $3.4bn, whereas the retail enterprise elevated its BOP to $1bn, up by $618m, or 171%.
The corporate proposed a dividend of SFr28 per share, reflecting an 8% enhance.
Diluted earnings per share additionally elevated by 32%, reaching SFr35.33 from SFr26.71 in 2023.
The Farmers Exchanges, a part of Zurich, have communicated preliminary estimates indicating an anticipated web pre-tax lack of $600m ensuing from the California wildfires and an almost $250m reinstatement premium cost.
For Zurich, the pre-tax affect of this occasion, together with Farmers Re, is estimated at $200m.
Trying forward, Zurich expects compound annual progress in core earnings per share to exceed 9% in 2025–27 in contrast with a baseline of $40.1, a core return on fairness of greater than 23% in 2027.
Zurich Group CEO Mario Greco mentioned: “All our companies delivered an excellent efficiency in 2024. We proceed to expertise optimistic fee momentum in our industrial enterprise and a wholesome pricing atmosphere in retail, positioning us strongly firstly of the brand new cycle for which we’ve already set our most bold targets but. This reinforces our means to execute and ship on our plans and our dedication to create constant long-term worth for all our stakeholders.”
Moreover, Zurich North America has established a new specialties enterprise unit by integrating its development, surety and monetary traces companies and likewise consolidating its buyer and distribution administration operate.
This transfer aligns with Zurich Insurance coverage’s three-year marketing strategy, unveiled throughout Zurich Investor Day in November 2024.
