ZURICH is on 2017-2019 track to achieve its financial targets

Zurich Insurance Group is fully delivering on its 2019 financial targets and is well positioned to deliver future earnings growth and attractive shareholder returns, as the company announced in a statement.

"I am very pleased that we are fully delivering on the financial targets that we set out back in 2016," said Group Chief Executive Officer Mario GRECO.

"Two years into our strategic cycle we are a very different company from the one we were in 2016. We are customer-led, with a more focused footprint and empowered local units and our management team is focused on disciplined execution and expanding the service offerings to deepen our customer relationships and drive profitable growth. Together with our strong capital position and cash generation this supports attractive and growing shareholder returns."

Zurich is on track to achieve its 2017-2019 financial targets. Zurich's business operating profit after tax return on equity for the first six months of 2018 was 12.3% and it achieved cumulative net expense savings of USD 900 million. Zurich will achieve net savings of USD 1.1 billion by the end of 2018, well in line with its end-2019 target of USD 1.5 billion.

According to the statement, "cash remittances for the first half of 2018 continued to be strong, putting Zurich on track to achieve the target of more than USD 9.5 billion over the three years. Zurich expects to generate accumulated cash remittances of more than USD 7 billion for the two years 2017 and 2018, and net cash remittances in excess of USD 1 billion per annum in Life for 2018-2021. Zurich remains strongly capitalized with an estimated Z-ECM ratio of 134%1 as of the end of September 2018, well above the 100-120% target range. Together, these provide a strong and stable platform to deliver an attractive and growing dividend".





Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

2019-02-12

ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.

2019-02-07

ON THE MOVE

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.

07.02.2019

TOP EVENT

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

14.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

14.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all