Zurich's GWP in Property & Casualty (P&C) for the first nine months increased 11%, adjusting for currency movements, acquisitions and disposals. Growth was supported by higher premium rates, driven by increases in commercial insurance across all regions.

In the first nine months, life new business annual premium equivalent (APE) increased 5%. The increase reflects positive sales momentum in unit-linked and protection business. Together with the corporate savings business, these products accounted for 91% of APE sales over the first nine months.

As of September 30, 2021, Zurich's Swiss Solvency Test (SST) ratio is estimated at 203% and remains well in excess of the Group's target level of at least 160%. Anticipating the introduction of IFRS 17 Zurich has taken the opportunity to strengthen some of the assumptions within the life business which had a modest impact on the SST ratio for the quarter.

Here are the main results achieved at the end of the third quarter of 2021:

• Property & Casualty (P&C) GWP up 11% with growth in both retail and commercial insurance
• Life new business value up 25% driven by favorable business mix and higher APE sales
• Farmers Exchanges GWP 19% higher
• Continued delivery of customer-focused strategy, with approximately 1.5 million net new retail customers added, up from about 600,000 in the first half
• Capital position very strong with Swiss Solvency Test ratio estimated at 203% as of September 30, 2021
• Nine-month performance and market trends confirm confidence in achieving 2022 targets

"The Group has continued to make strong progress toward achieving its 2022 strategic and financial goals", said Group Chief Financial Officer George QUINN. "P&C gross written premiums continue to benefit from the improvement in the pricing environment. Recent claims events are likely to extend the hard market, with the gap between rate increases and loss cost inflation likely to persist for longer than previously expected. Technical profitability is expected to continue to improve despite catastrophe losses which are 3 to 4 percentage points higher than the long-term average. In Life, the Group benefited from a more profitable new business mix, with increases in sales of protection and unit-linked business. Farmers Exchanges produced strong top-line growth benefiting both from the inclusion of the MetLife business and robust like-for-like performance... These trends, including our robust customer growth and our very strong balance sheet, allow us to look forward with confidence to achieving our targets", he added.