Zurich delivers one of the best results in its history; expects to meet or exceed all 2022 targets

Σάββατο, 12 Φεβρουαρίου 2022 01:59
Zurich delivers one of the best results in its history; expects to meet or exceed all 2022 targets
  • Group business operating profit (BOP) rises 35% to USD 5.7 billion in 2021; net income attributable to shareholders rises 36% to USD 5.2 billion
  • Proposed dividend of CHF 22 per share, an increase of 10% on prior year
  • Property & Casualty (P&C) BOP rises 50% to USD 3.1 billion; P&C combined ratio at 94.3%, the lowest level in the past 15 years
  • Strong growth in P&C with gross written premiums (GWP), up 12% in commercial insurance and 8% in retail and SME like-for-like1
  • Life BOP rises 27% to USD 1.8 billion on higher fee revenue and investment results, as well as lower claims
  • Farmers BOP up 8% to USD 1.6 billion; Farmers Exchanges2 GWP up 20% including MetLife acquisition (+7% like-for-like1)
  • Continued focus on customer needs, with 2.2 million net increase in number of retail customers5
  • Very strong capital position with Swiss Solvency Test (SST)3 ratio at 212%
  • Peter Maurer nominated for election to Board of Directors

Zurich Insurance Group (Zurich) reported very strong profits for the full year 2021. Business operating profit and net income attributable to shareholders were the highest since 2007. Growth was achieved in all segments, with commercial insurance in particular benefiting from disciplined underwriting, higher prices and an increase in new business.

Group Chief Executive Officer Mario Greco said: “Zurich has delivered the strongest performance in a long time, demonstrating the strength of our franchise, the quality and commitment of our people, and the benefits of repositioning the business in recent years.

The P&C business achieved the best combined ratio in 15 years and double digit top-line growth. Higher risk-adjusted prices and continued measured progress towards our growth ambitions took P&C gross written premiums to more than USD 40 billion for the first time.

The extreme weather events of 2021 again highlight the pressing need to take collective action to address climate change. The insurance industry has a natural alignment with the sustainability agenda, and I am particularly proud of our work in this area throughout the past year as we continue to reinforce Zurich’s leadership position.

Zurich continues to benefit from an excellent balance sheet and financial flexibility. This, together with our strong operating results, has allowed us to propose a 10% increase in the dividend per share to CHF 22.

Zurich is in outstanding health as we celebrate our 150th anniversary this year. I am optimistic about Zurich’s momentum, the skills and enthusiasm of our people and the opportunities that lie ahead of us. I have every confidence we will meet or exceed our 2022 targets.”

Zurich View Full Press Release

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