(News Bulletin 247) – Zurich Insurance Group announced on Thursday a stable operating profit for its first half, not far from the ‘record’ operating profit it had generated a year earlier.
The Swiss insurer’s ‘BOP’ stood at 3.72 billion dollars over the first six months of the year, a level close to the historic profit of 3.74 billion dollars which had been published for the six first months of 2022.
Gross premium income from non-life insurance, which remains its largest business segment, represented $24.56 billion, up 10% at constant exchange rates.
The combined ratio – which compares insurance and operational costs to net premiums collected – deteriorated to 92.9% from 91.6% a year earlier.
Operating profit in property and casualty insurance fell to $2.25 billion from $2.38 billion in the first half of 2022.
The life insurance segment recorded gross premium income up 17% to $8.24 billion, with operating profit improving by 18% at constant exchange rates to $939 million.
The stock gained 2.7% on the Swiss stock market after the results.
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