Zurich In­sur­ance boosts nine-month rev­enue

The Star Malaysia - StarBiz - - Foreign News -

ZURICH: Zurich In­sur­ance posted a 2% rise in nine-month prop­erty and ca­su­alty pre­mi­ums and con­firmed its fi­nan­cial tar­gets de­spite a hit from larger-than-ex­pected nat­u­ral catas­tro­phe losses.

“We are pleased with the de­vel­op­ment of our busi­nesses over the first nine months of the year and are on track to achieve our 20172019 fi­nan­cial tar­gets,” chief fi­nan­cial of­fi­cer Ge­orge Quinn said in a state­ment.

“Life con­tin­ues to per­form very strongly, while the Farm­ers Ex­changes are see­ing good mo­men­tum in key cus­tomer met­rics and un­der­ly­ing prof­itabil­ity. In prop­erty and ca­su­alty we con­tinue to fo­cus on prof­itabil­ity over vol­umes in what re­mains a chal­leng­ing en­vi­ron­ment.”

Gross writ­ten pre­mi­ums in prop­erty and ca­su­alty rose to US$25.87bil through Septem­ber. On a like-for-like busi­ness, how­ever, pre­mi­ums were flat.

In­sur­ers across the globe have been re­struc­tur­ing their busi­nesses to cope with com­pet­i­tive and reg­u­la­tory pres­sures, in­clud­ing pric­ing pres­sures, and last year’s record losses from nat­u­ral dis­as­ters.

Zurich said it in­creased rates in its P&C busi­ness by 3% over­all in the first nine months. In its life in­sur­ance busi­ness, an­nual premium equiv­a­lents rose 3% to US$3.57bil.

Zurich, Europe’s fifth largest in­surer, said it has en­tered an agree­ment to sell Zurich Se­guros SA in Venezuela, from which it ex­pects to see a neg­a­tive cur­rency trans­la­tion ad­just­ment of around US$258mil.

Zurich re­ported a fore­cast-beat­ing 19% rise in first-half profit. The group does not re­port nine-month profit fig­ures, but said yes­ter­day weather and nat­u­ral catas­tro­phe losses had been slightly above ex­pected lev­els. It ex­pected losses of US$175mil from Hur­ri­cane Michael in the fourth quar­ter. — Reuters

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.