Zurich Insurance 9M P&C Gross premiums written increased.Expected to exceed target

(RTTNews) – Zurich Insurance Group (ZURVY) reported on Thursday that its nine-month property or casualty insurance gross premiums written increased 8% to $33.50 billion from $31.15 billion last year. did. Growth was 13% on a like-for-like basis.

The net impact of Hurricane Ian is estimated at $550 million on a pre-tax basis, according to the company.

Growth was particularly strong in North America, where gross premiums written increased 14%. Retail business grew 13% on a similar basis, driven by strong growth across all regions.

Life insurance new annual premium equivalents decreased 6% to $2.6 billion from $2.75 billion a year ago. Annual premium equivalents increased 2% on a comparable basis, while new business values ​​decreased 11%.

Farmers Exchange gross premiums written increased 11% from last year to $20.21 billion.

Zurich said at its Investor Day on November 16 it will provide an update on its strategic goals and targets for the period 2023-2025.

Looking ahead, George Quinn, Group Chief Financial Officer, said, “The Group is on track to exceed its strategic and financial targets for the 2020-2022 cycle.” rice field.

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

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