Zurich Insurance Group AG said revenue from property and casualty insurance rose 12% in the first quarter on a like-for-like basis, helped by higher premiums.
Gross written premiums in the business rose 9% from a year earlier, as Asia and Latin America made up for a small decline in North America, the insurer said in a statement Thursday. Zurich’s life insurance new business premiums declined.
Zurich, which closed out last year with its highest return on equity on record, confirmed it will start a buyback program announced in February in the next few weeks. German rival Allianz SE on Wednesday reported a 6.8% increase in operating profit amid inflows at its bond manager Pacific Investment Management Co.
Other key figures:
- Swiss solvency test ratio 232%
- P&C insurance revenue $10.3 billion
- Farmers gross written premiums $7.08 billion
- Farmers management services fees up 6%
Earlier this year, the Swiss firm’s plan to offload its $20-billion Zurich Life Legacy back book in Germany to Viridium Holding fell through after the insurance consolidator pulled out of the deal as a result of issues relating to Viridium’s ownership structure.
Zurich had said in January it was committed to finding a solution for the portfolio, which administers around 700,000 life insurance policies in Germany, and would continue to explore options.
Was this article valuable?
Here are more articles you may enjoy.
World’s Largest Retirement Community Taps Muni Market to Help Build More Homes 
CyberCube: Insured Loss Estimate From AWS Outage Likely About $40M 
Reinsurers Hold Bulk of Jamaica’s Property Exposures From Hurricane Melissa: Reports 
Florida Appeals Court Reverses $200M Jury Verdict in Maya Kowalski Case 
