Zurich Insurance Group AG (ZURVY), a Swiss insurance company, on Thursday registered an increase in annual net profit, reflecting a strong momentum in all areas of the business.
For the 12-month period to December 31, 2024, the Group registered a net income of $5.814 billion, higher than $4.351 billion recorded last year.
Earnings per share improved to CHF 35.33 from the prior year's CHF 26.71 per share. Core earnings per share stood at $40.08 as against $37.85 per share a year ago. Book value per share moved up to CHF 162.23 from CHF 145.40 per share in 2023.
Farmers business operating profit was $2.286 billion, compared with $2.296 billion last year.
Life present value of new business premiums improved to $16.891 billion from $16.384 billion in the previous year. Life gross premiums stood at $33.061 billion, higher than $32.214 billion in 2023. Life business operating profit was $2.235 billion, compared with $2.060 billion a year ago.
P&C business operating profit was $4.204 billion, higher than $3.893 billion a year ago. P&C gross written premiums and policy fees increased to $46.624 billion from $44.401 billion in 2023. P&C insurance revenue was $44.792 billion, higher than last year's $42.293 billion.
The Group's business operating profit stood at $7.751 billion, compared with $7.381 billion last year.
The Group has proposed a dividend of CHF 28 per share, an increase of 8 percent.
Looking ahead, Zurich Insurance said that it expects compound annual growth in core earnings per share to exceed 9% in 2025-27 compared to a baseline of $40.1, a core ROE1 of over 23 percent in 2027, as well as cumulative cash remittances in excess of $19 billion over the three-year cycle. This compares with a target of 8% CAGR of EPS growth in 2023-25, a BOPAT ROE of over 20% in 2025, and cumulative cash remittances in excess of $13.5 billion over the period 2023-25.
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