Zurich starts 2022 with strong top-line growth

Παρασκευή, 13 Μαΐου 2022 16:00
Zurich starts 2022 with strong top-line growth
  • Property & Casualty (P&C) gross written premiums up 8%, with growth of 12% on a like-for-like1 basis, driven by strong growth in commercial insurance and further improvement in pricing
  • Life annual premium equivalent up 14% on a like-for-like1 basis, with new business margin at an attractive level of 25.7%
  • Farmers Exchanges2 gross written premiums 29% higher, benefiting from the inclusion of the MetLife transaction and strong business growth
  • Continued delivery on customer-focused strategy, with approximately 400,000 net new retail customers added in first quarter3
  • Capital position very strong with Swiss Solvency Test ratio estimated at 234%4 at March 31, 2022
  • Zurich Foundation5 steps up to help those impacted by the war in Ukraine through fundraising and other initiatives across Europe

Group Chief Financial Officer George Quinn said: “The war in Ukraine and the humanitarian crisis that it has triggered are almost beyond comprehension. The Group and the Zurich Foundation5 have provided financial and logistical support. We are especially proud of our colleagues who have opened their homes to families fleeing the war. Although the effects of the war are expected to lead to significant losses for the insurance industry, we do not expect insurance claims to be significant for the Group. In fact, the Group has made a strong start to the year and expects to exceed all financial targets for 2022. We saw a rise in premiums across the Group, most notably in our North American Property & Casualty business, where crop insurance and rate increases drove double-digit top-line growth. 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.”

Property & Casualty premiums grew strongly in the first quarter, with rate increases in commercial insurance continuing to drive an expansion in margins. Growth was especially strong in North America, with gross written premiums up by 17%, boosted by the Group’s leading crop insurance franchise and rate increases of 9%.

In Life, new business volumes grew by 8% in U.S. dollar terms (14% like-for-like1), while new business value was 10% lower, driven by a less favorable product mix and exchange rate movements.

Gross written premiums at the Farmers Exchanges2 benefited from the inclusion of MetLife, which contributed 17 percentage points to topline growth.

Focused execution of the customer strategy helped the Group add approximately 400,000 retail customers during the quarter.3

Zurich and the Zurich Foundation5 have stepped up to help the huge numbers of people impacted by the war in Ukraine. The foundation launched a major fundraising campaign across Zurich’s businesses, raising CHF 2 million to help the victims of the crisis in just four weeks, through individual and matching donations.

Other initiatives include a collaboration with NGOs in Western Ukraine and neighboring countries to provide mental health and psychological support services to refugees and displaced people. Zurich is also helping those who have lost jobs by offering employment, equipping them with new skills or offering language courses, and remains strongly committed to helping alleviate the suffering of people affected by the crisis across the region.

Zurich’s direct exposure to Russia and Ukraine through its P&C operations and investment portfolio is expected to be immaterial.

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