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Zurich Insurance Q1 Premiums Climb; Expects To Exceed All FY22 Targets

Zurich Insurance Group (ZURVY) reported Thursday that its first-quarter Property & Casualty or P&C gross written premiums went up 8 percent to $11.93 billion from last year's $11.03 billion. The growth was 12 percent on a like-for-like basis, driven by strong growth in commercial insurance and further improvement in pricing.

Growth was supported by higher premium rates, driven by commercial insurance. Higher prices for agricultural commodities contributed 2 percentage points to growth.

Life annual premium equivalent grew 8 percent to $996 million from $919 million last year, and the growth was 14 percent on a like-for-like basis.

Farmers Exchanges recorded gross written premiums of $6.88 billion, up 29 percent from last year's $5.33 billion. The results benefited from the inclusion of the MetLife transaction and strong business growth.

Looking ahead, Group Chief Financial Officer George Quinn said, "the Group has made a strong start to the year and expects to exceed all financial targets for 2022.... Despite inflationary pressures, we expect rates to exceed loss-cost trend well into 2023. The positive operating trends in the first quarter, together with the Group's very strong balance sheet, give us confidence that we will successfully conclude the current strategic cycle later this year."

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