Zurich Insurance 1st Half Profit Rose on Lower Covid-19 Claims
August 12 2021 - 1:30AM
Dow Jones News
By Ed Frankl
Zurich Insurance Group AG said Thursday that first-half net
profit rose 86% as a reduced impact from Covid-19 offset higher
losses from extreme weather events.
Net profit for the six months to the end of June increased to
$2.19 billion from $1.18 billion, while business operating profit
jumped 60% to $2.71 billion, the Swiss insurance giant said.
Growth was driven by an underlying improvement across all
business areas amid reduced pandemic-related claims, compensating
for higher levels of natural catastrophe and weather-related
claims, the company said.
This year's extreme weather included winter storms in the
southern U.S. and recent flooding in South East Asia and Europe, it
said.
Life new business annual premium equivalent rose 14% to $1.91
billion, Zurich said. This key industry metric, known as APE,
measures new business growth.
Property & casualty gross written premiums and policy fees
were $22.03 billion in the half, up from $18.94 billion a year
earlier.
Zurich said profits were back to pre-pandemic levels of 2019,
and it remains on track to achieve 2022 targets.
"Our work in the last five years to simplify and strengthen the
business, combined with the continuing upturn in commercial
insurance pricing, positions us well," Chief Executive Mario Greco
said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
August 12, 2021 01:24 ET (05:24 GMT)
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