Zurich Insurance Group (Zurich) delivered a robust performance in 9M 2024, with all businesses contributing positively. The P&C business continues to show strength while Life and Farmers build on their positive momentum.
“Our nine-month results confirm the continued strong momentum across all of Zurich’s businesses. In P&C, margins in Commercial Insurance continue to be favorable, and performance in Retail is improving. We are on track to exceed all current targets and look forward to presenting the new plan for the next 3 years at our Investor Day on November 21,” said Claudia CORDIOLI, Group Chief Financial Officer.
According to the Group’s press release, Zurich saw growth in all business segments. The P&C business saw a 4% rise in GWP. The positive momentum from the first half of the year continued into the third quarter due to increasing rates in Commercial Insurance and Retail. Also, Zurich’s Life insurance business showed a robust performance, with new business premiums up 6% on a like for-like basis.
In the first nine months of the year, the Group has seen natural catastrophe losses with a combined ratio impact of 3.4%, compared to 3.1% in the prior year period. The third quarter includes an estimated pre-tax loss for Hurricane Helene of USD 160 million. Preliminary pre-tax losses attributable to Hurricane Milton in the fourth quarter are estimated to be less than USD 200 million.
