Zurich Insurance Group AG (ZURVY) announced on Thursday that its first-quarter Property & Casualty (P&C) gross written premiums rose by 5 percent to $12.62 billion, up from $11.97 billion in the same period last year. On a like-for-like basis, the growth was 9 percent.
Revenue from P&C insurance climbed by 9 percent to $10.25 billion from $9.41 billion in the previous year. When adjusted on a like-for-like basis, the insurance revenue grew by 12 percent.
Life Insurance revenue from short-term insurance contracts saw a significant increase of 29 percent, reaching $680 million.
Gross written premiums at Farmers Exchanges rose by 6 percent year-over-year, totaling $7.08 billion.
Zurich Insurance reported a robust performance for the first quarter of 2024, continuing to profitably expand its top line and sustain the positive momentum established in the previous year.
The company confirmed that it will initiate its previously announced share buyback program in the upcoming weeks as planned.
Claudia Cordioli, Group Chief Financial Officer, stated, "The ongoing growth in our P&C and Life portfolios, coupled with improved margins in Retail P&C, underscores the strength of our diversified business model. Farmers continues to demonstrate impressive performance, with Farmers Management Services achieving a 6 percent increase in underlying fee income, well on track to meet or exceed our mid-single-digit growth target for the year."
