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 pietro.lombardi@wsj.com; @pietrolombard10

 

(END) Dow Jones Newswires

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

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