(News Bulletin 247) – Zurich starts 2023 with strong revenue growth in the first quarter.
Premium income from property and casualty insurance came to 9,407 million US dollars and was up 7%, with growth of 11% at constant scope, driven by strong growth in commercial insurance and continued improvement in pricing.
Commercial lines margins are improving due to higher prices and interest rates, partially offset by continued high cost of claims trends in retail.
Life new business adds $265 million of contractual services margin in the quarter; new business premiums (PVNBP) were up 23% on a like-for-like basis. Farmers Exchanges gross written premiums were down 3%.
The capital position remains strong with a Swiss Solvency Test ratio estimated at 258% as of March 31.
Group Chief Financial Officer George Quinn said: ‘The group has made a good start into the new financial cycle, delivering robust growth in Property and Casualty, with double-digit premium growth in North America, mainly driven by tariff increases.’
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