Leading multi-line insurer Zurich Insurance Group has reported strong top-line growth across all businesses in the first nine months of the year.
In its interim earnings announcement, the Switzerland-based Group said the property & casualty (P&C) business continued to show strength while Life and Farmers Management Services build on their positive momentum.
P&C insurance revenue was up to $33.26 in the first nine months of 2024 compared to the US$31.42 billion in 9M 2023. All regions – EMEA (Europe, Middle East, and Africa), North America, Asia-Pacific, and Latin America – posted higher insurance revenues.
Positive contributions also came from Zurich’s life business which saw improved insurance revenue for short-term insurance contracts. The figure grew from US$1.66 billion in 9M 2023 to US$2.10 billion in 9M 2024.
Farmers Management Services achieved a 6% rise in underlying fee income during the first nine months, compared to the prior-year period, driven by the increase in gross earned premiums at the Farmers Exchanges and supported by the brokerage entities Zurich acquired from the Farmers Exchanges in December 2023.
“Our nine-month results confirm the continued strong momentum across all of Zurich’s businesses. In P&C, margins in Commercial Insurance continue to be favorable, and performance in Retail is improving. We are on track to exceed all current targets and look forward to presenting the new plan for the next 3 years at our Investor Day on November 21” Claudia Cordioli, Group Chief Financial Officer stated.
As of September 30, 2024, Zurich’s Swiss Solvency Test (SST) ratio is estimated at 224% and remains well in excess of the Group’s target level of at least 160%. This compares to 232% as of June 30, 2024, with the decrease reflecting the impact of market movements mainly due to lower interest rates in the third quarter.
Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.
