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The group is currently considering an additional share buyback in addition to the dividend.
Gross premiums in property and casualty insurance totaled $34.59 billion from January through September, Zurich announced Thursday. This corresponds to an increase of 8 percent compared to the previous year; When adjusted for exchange rate effects, growth on a comparable basis was 9 percent.
Farmers’ Exchanges increased gross written premiums by 2 percent to 20.64 billion dollars. Zurich said the decline in commercial ridesharing insurance sales in the first quarter reduced the positive impact of higher premium rates. In its US business, Zurich now wants to focus on improving underwriting results.
Measures taken to limit the risks and volatility of natural disasters are said to be bearing fruit. Zurich remains on track to keep full-year losses within the target range despite severe floods and hailstorms in Europe in the third quarter.
In life insurance, Zurich estimated the present value of premiums from new business at $12.17 billion. This represented an increase of 21 percent compared to the value Zurich achieved in the previous year, or 23 percent on a comparable basis.
Zurich maintained its momentum in the third quarter, according to CFO George Quinn. He is confident that Zurich will finish the year strong and achieve its financial targets for the 2023-2025 period.
Zurich: Capital remains at “high level”
Capital resources remain solid. Zurich raised the Swiss Solvency Test (SST) rate to 266 percent from 263 percent at mid-year. This is still well above our target of 160 percent.
Zurich is also promising an update on capital management for Investor Day in London next week. This will include plans to “deal with current high capital use”.
Despite the recently announced transactions, the insurer expects capital to remain at a “high level” and will consider an additional share buyback in addition to the dividend. The combined distribution will not exceed 100 percent of the underlying net profit attributable to shareholders.
With the figures presented in the claims business, the insurance company fell below analysts’ expectations. However, the forecasts were subject to great uncertainty as Zurich initially presented nine-month results as part of IFRS 17 regulations. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
