21st May 2023

Zurich reports strong start to year

Group cfo George Quinn said: “The Group has made a strong start to the new financial cycle. We saw robust growth in Property & Casualty (P&C), with a double-digit increase in premiums in North America, mainly driven by rate increases. Underlying commercial insurance margins have continued to improve but we are being cautious about recognising the full benefit as we gain familiarity with the new accounting standard. Retail markets are seeing higher prices on renewal and margins will improve over the course of the year as earned rates start to exceed loss cost trends. Our Life business has seen strong growth in new business volume, while in the short term, business mix has reduced margins. The Farmers Exchanges saw underlying growth while focusing on improving the underwriting result. We have also announced two further back book transactions, which mark an important step in our commitment to reduce volatility and improve the quality of returns. These transactions also create the potential to deliver returns at even higher levels in the future. These are our first financial results under IFRS 17. I would like to thank all my colleagues for their hard work to reach this milestone. We have had a strong start to the year and our new financial cycle and we remain focused on executing our strategy.”

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