ZURVY Zurich Insurance Group Limited (QX)

   By Cristina Roca 
 

Zurich Insurance Group AG on Thursday reported strong top-line growth across its divisions during the first quarter of the year.

The Swiss insurer said gross written premiums at its property & casualty division came in at $11.93 billion, up 12% from a year earlier on a like-for-like basis.

The company said premiums in the unit rose strongly, helped by rate increases in commercial insurance, which also boosted margins.

"Despite inflationary pressures, we expect rates to exceed loss-cost trend well into 2023," it added.

Life annual premium equivalent rose 14% on a like-for-like basis, while farmers exchanges gross written premiums jumped 29%, helped by the inclusion of newly acquired MetLife in the division's results.

The Swiss Solvency Test ratio, a measure of capital strength, improved to 234% from 212% a year earlier.

The insurer said it is confident that it will successfully conclude its strategic cycle at the end of this year.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

May 12, 2022 01:19 ET (05:19 GMT)

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