Zurich Insurance 9M P&C Gross Written Premiums Rise; Says On Track To Exceed Targets

(RTTNews) - Zurich Insurance Group (ZURVY) reported Thursday that its nine-month property & Casualty or P&C gross written premiums grew 8 percent to $33.50 billion from last year's $31.15 billion. The growth was 13 percent on a like-for-like basis.

The company said Hurricane Ian's net impact is estimated at $550 million on a pre-tax basis.

Growth was especially strong in North America, with gross written premiums up by 14 percent. The retail business grew 13 percent on a like-for-like basis, driven by strong growth across all regions.

Life new business annual premium equivalent dropped 6 percent to $2.60 billion from $2.75 billion a year ago. Annual premium equivalent went up 2 percent on a like-for-like basis, while new business value was 11 percent lower.

Farmers Exchanges gross written premiums grew by 11 percent from last year to $20.21 billion, benefiting from the inclusion of the acquired MetLife business and stronger pricing.

Zurich said it will provide an update on its strategic objectives and targets for the period 2023-2025 at its Investor Day on November 16.

Looking ahead, Group Chief Financial Officer George Quinn said, "The Group continues to be on track to exceed its strategic and financial targets for the 2020-2022 cycle."