Zurich Insurance Group AG (ZURVY) Thursday reported that its first-quarter Property & Casualty or P&C insurance revenue and gross written premiums increased from last year.
Gross written premiums in P&C rose 5 percent to $13.32 billion from last year's $12.62 billion, supported by rate increases of 4 percent, strong profitability in Commercial and improved Retail margins. The growth was 5 percent on a like-for-like basis with improved results in all regions.
P&C insurance revenue grew 5 percent to $10.78 billion from last year's $10.25 billion.
In Life, gross premiums and deposits increased 18 percent to $9.36 billion from $7.94 billion last year. New business premiums grew 27 percent to $5.08 billion, with growth driven by capital efficient savings and protection products.
The Farmers Exchanges, which are owned by their policyholders, reported a 5 percent increase in gross written premiums in the first three months to $7.40 billion, supported by increased new business and higher retention. Gross earned premiums were up 2 percent over the same period.
In the first three months of the year, the Swiss insurance company has seen natural catastrophe losses with a combined ratio impact of 3.2 percent, compared to 1.6 percent in the prior year period. The increase was mainly driven by the losses from the California wildfires in January, which were in line with the previously disclosed estimate.
Looking ahead, the company said, "Against a backdrop of elevated macroeconomic uncertainty and episodic volatility, Zurich remains firmly focused on disciplined execution, optimized risk pricing and value-enhancing long-term capital allocation. Zurich's broad business diversification gives it a strong foundation to deliver on the long-term plan."
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