Zurich delivers a strong performance in the first nine months of the year

14 November 2023 — Marina MAGNAVAL
Property & Casualty insurance revenue of Zurich was up 9% driven by strong growth in commercial and retail insurance, supported by rate increases of 6%. Life new business premiums up 23%. Very strong capital position with Swiss Solvency Test (SST) ratio estimated at 266% as of September 30, 2023, the Group said in its press-release.

Zurich delivered a strong performance in the first nine months of the year, continuing to grow the top line and building a robust foundation for the 2023–2025 financial cycle.

The Group has seen further growth in both commercial and retail business, with particular strength in Life.

In Commercial Insurance, a key driver of growth was the rate change of 7%. The U.S. saw a 9% increase in rates, driven by continued momentum in commercial property and motor. Retail P&C saw rate increases of 4%, reflecting ongoing corrective pricing measures taken over the last 12 months.

In Life, two key contributors to growth were the successful joint ventures with Banco Sabadell and Banco Santander. Banco Sabadell in Spain benefited from high sales of retail savings, while Banco Santander in Latin America grew in unit-linked and short-term protection products.

“We maintained momentum in the third quarter, delivering continued top-line growth following a very strong first half of the year and a great start to the new financial cycle. This makes us confident that we’ll be able to finish the year strongly and achieve our financial targets for 2023–2025”, commented George Quinn, Group Chief Financial Officer.