Zurich Insurance Group AG said Thursday that its property and casualty insurance gross premiums written increased in the first nine months of the year.
The non-life sector’s gross premiums written were $33.5 billion, up 13% year-on-year, according to the Swiss insurer.
Zurich said new annual premiums for life insurance were $2.6 billion, down from $2.75 billion a year earlier. Known as APE, this key industry metric measures new business growth.
Natural catastrophe losses increased in the third quarter, primarily due to Hurricane Ian in the US. The company said on a pre-tax basis he recognized a net impact of $550 million.
George Quinn, Chief Financial Officer, said, “We have seen strong premium growth across the Group, particularly in our North American property and casualty business.
“We expect the margin trend in our commercial insurance business to be positive through 2023.”
Zurich Insurance said its life insurance business continued to show strong operating trends, offset by a stronger dollar and weaker financial markets.
The group is on track to exceed its strategic and financial targets for the 2020-22 cycle, the company said.
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