According to the insurer, this strong set of results was driven by all of Zurich’s businesses. Life contributed a record USD 2.1 billion BOP - 39% higher than in the prior year in U.S. dollar terms, with all regions contributing to growth.
P&C achieved double digit premium growth to USD 44.4 billion, while P&C business operating profit (BOP) of USD 3.89 billion was up 7%, while the combined ratio remained stable year-over-year at 94.5.
Commercial Insurance showed continued strong returns with a BOP contribution of USD 3.6 billion and a combined ratio of 91.4%. It has made great strides in improving its profitability, by focusing on underwriting discipline, ensuring a balanced portfolio, and simplifying customer and broker interactions through enhanced connectivity and data analytics capabilities.
“We delivered record returns in 2023, well ahead of all targets for 2023-2025, with particularly strong growth in P&C and Life and highly effective management actions at the Farmers Exchanges. I expect this positive momentum to continue and to achieve EPS growth above 10% over the cycle”, said Mario Greco, Group Chief Executive Officer.
707 views
