Zurich Insurance Group AG (ZURVY) announced on Thursday that their property and casualty (P&C) insurance revenue has increased by 6% over the first nine months, reaching $33.26 billion, compared to $31.42 billion in the same period last year. When assessed on a comparable basis, the P&C insurance revenue saw a 5% increase.
The gross written premiums for the P&C sector climbed by 4% to $36.13 billion from the previous year's $34.59 billion, driven by growth in the Europe, Middle East, and Africa (EMEA), Asia Pacific, and Latin America regions. Meanwhile, premiums in North America remained unchanged.
In the Life segment, the present value of new business premiums (PVNBP) rose by 4% to $12.61 billion and reflected a 6% increase on a like-for-like basis.
The Farmers Exchanges, which are collectively owned by their policyholders, recorded a 4% rise in gross written premiums, totaling $21.53 billion in the first nine months. Gross earned premiums expanded by 5% to $20.89 billion.
According to the company, these nine-month results highlight the sustained strong performance across Zurich's various operations.
Looking forward, Zurich is on course to surpass all its current targets and is set to unveil a new strategic plan for the next three years during its Investor Day on November 21.
