Repeat & Correct: Zurich Insurance Nine-Month P&C Gross Written Premiums Rose

(The article "Zurich Insurance Third-Quarter P&C Gross Written Premiums Rose," at 0601 GMT, misstated the period in the headline and article and misstated the gross written premiums figure. All figures were for the first nine months of the year. The corrected version follows.)

 
    By Cristina Roca

Zurich Insurance Group AG said Thursday that property and casualty gross written premiums rose in the first nine months of the year as the division continued to benefit from better pricing trends.

Property and casualty gross written premiums were $31.15 billion, up from $27.26 billion a year earlier. On a like-for-like basis, they were up 11%.

Life new business annual premium equivalent was $2.75 billion, up from $2.57 billion a year earlier, Zurich said. This key industry metric, known as APE, measures new business growth.

"The third quarter saw an elevated level of catastrophe losses, including the major flooding in Germany and a series of other weather events in Europe in July, and Hurricane Ida in the United States in August," the company said.

Despite the high catastrophe losses, the company expects its technical profitability to keep improving and said it continued to make progress toward its 2022 goals.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

November 11, 2021 02:05 ET (07:05 GMT)

Zurich Insurance (QX) (USOTC:ZURVY)
Historical Stock Chart
From Oct 2024 to Nov 2024