ZURVY Zurich Insurance Group Limited (QX)

   By Adria Calatayud 
 

Zurich Insurance Group said Wednesday that property-and-casualty insurance revenue rose in the first quarter, driven by an increase in premiums in North America.

The Swiss insurer said property-and-casualty insurance revenue rose to $9.41 billion from $8.77 billion in the same period last year. Gross written premiums at its property-and-casualty division came in at $11.97 billion, up 10% on a like-for-like basis.

Growth was supported by higher premium rates in the division, with a 6% increase in commercial insurance rates, Zurich said.

At the insurer's life division, present value of new business premiums rose to $4.16 billion from $3.56 billion a year before, it said.

"We have had a strong start to the year and our new financial cycle and we remain focused on executing our strategy," Chief Financial Officer George Quinn said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

May 17, 2023 01:21 ET (05:21 GMT)

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