Zurich Insurance Nine-Month Gross Written Premiums Rose
November 10 2022 - 1:48AM
Dow Jones News
By Dominic Chopping
Zurich Insurance Group AG said Thursday that property and
casualty gross written premiums rose in the first nine months of
the year, boosted by higher premiums within commercial
insurance.
The Swiss insurer said gross written premiums at its property
and casualty division came in at $33.5 billion, up 13% from a year
earlier on a like-for-like basis.
Life new business annual premium equivalent was $2.6 billion,
down from $2.75 billion a year earlier, Zurich said. This key
industry metric, known as APE, measures new business growth.
The third quarter saw elevated natural-catastrophe losses driven
mainly by Hurricane Ian in the U.S., for which the company
recognized a net impact of $550 million on a pre-tax basis, it
said.
"We saw robust premium increases across the group, most notably
in our North American Property & Casualty business," Chief
Financial Officer George Quinn said.
"We expect margin trends in our commercial insurance business to
be positive into 2023."
The Life business continues to experience positive operating
trends, offset by the strong U.S. dollar and weaker financial
markets, Zurich Insurance said.
The group remains on track to exceed its strategic and financial
targets for the 2020-22 cycle, it said.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 10, 2022 01:33 ET (06:33 GMT)
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