By Pietro Lombardi 

Zurich Insurance Group AG said Wednesday that its property and casualty gross written premiums rose 14% in the first quarter, supported by strong growth in commercial insurance and improved pricing.

The Swiss insurer said P&C gross written premiums were $11.03 billion in the quarter from $9.68 billion a year earlier.

Life annual premium equivalent, or APE, fell 4%. APE measures new business growth for life insurance by combining the value of payments on new regular-premium policies, and 10% of the value of payments made on one-time, single-premium products.

"The Group has made a strong start to the year and remained on track with its strategy and financial plans in the first quarter," Chief Financial Officer George Quinn said.


Write to Pietro Lombardi at; @pietrolombard10


(END) Dow Jones Newswires

May 12, 2021 01:15 ET (05:15 GMT)

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