Zurich Insurance Group releases GWP figures
The Zurich Insurance Group, which celebrated its 150th anniversary in October, released figures for its insurers’ gross premiums written (GWP) for the first nine months of 2022.
Property and casualty (P&C) GWP reached $33.5 billion in nine months, up from the same period in 2021. Europe, Middle East and Africa’s share was $14.1 billion. Asia Pacific, $2.6 billion. $2 billion in Latin America. All four markets reported higher GWPs.
In terms of other operations, Zurich’s lifetime premium equivalent decreased by 6%, while Farmers’ Exchange GWP increased by 11%.
Group Chief Financial Officer George Quinn said: Although there was strong premium growth across the Group, premium rate growth drove his double-digit top-line growth, especially in North America’s property and casualty business. We expect the margin trend in our commercial insurance business to be positive through 2023.
“The life insurance business continues its positive operating trend, offset by the impact of a strong US dollar and weak financial markets. Farmers shows strong, rate-driven growth.”
The CFO says Zurich has an excellent capital position. Quinn added: “With strong results through this strategic cycle, we look forward to setting plans for his next three-year cycle at his next Investor Day.”
As of the end of September, Zurich’s Swiss Solvency Test ratio is pegged at 252%.
Zurich Insurance Group releases GWP figures
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