Mario Greco, Zurich Group chief executive officer, praised the results, saying they show “the solidity of our business and the value of our mid-term transformation.” “The P&C business reported today its best-ever combined ratio, with continued robust top-line growth. Our life business also continued to produce excellent results with one of the strongest ever performances for operating profit despite the adverse impact of capital markets and headwinds from currency movements,” Greco added. Net income after tax attributable to shareholders was $2.2 billion, up 1% over the prior-year period, despite adverse effects from financial markets. The increase in BOP was largely offset by negative...
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Zurich reports huge rise in operating profit Zurich is reporting that it saw a 25% rise in operating profit for H1 2022. The firm said in a statement about its latest results that its group business operating profit had risen to $3,393m, which it said was its highest in fourteen years. Likewise, it said its P&C business operating profit was up by nearly a third to $2,055m. It also said that it had added 850,000 new retail customers in the first half of the year. Mario Greco, chief executive officer of the firm, said: “We are on track to beat all our targets for the second successive three-year cycle. This is particularly remarkable because the last three years have brought unprecedented...
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Zurich Insurance posted its best first-half operating profit since 2008, while net income attributable to shareholders rose slightly. It also announced a special share buyback. Operating profit at Zurich Insurance was up 25 percent in the first half of the year to $3.4 billion from $2.7 billion during the comparable year-ago period with growth driven by an underlying improvement across all businesses, even while natural catastrophe and weather-related claims were slightly above expected levels, the company said Thursday. Net income after tax attributable to shareholders was $2.2 billion, up 1 percent over the prior-year period. The property and casualty business saw a 32 percent increase in...
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Zurich profit beats expectations (Reuters) — Zurich Insurance Group reported a better-than-expected 25% rise in operating profit in the first half on strong performance across the board and announced a bumper 1.8 billion Swiss francs ($1.91 billion) share buyback on Thursday, sending its shares higher. Europe's fifth largest insurer said it was on track to beat all its 2022 targets. Zurich's ability to exceed its three-year financial goals despite the COVID-19 pandemic and war in Ukraine "gives us great confidence that we can handle unexpected, unprecedented things and still deliver," CEO Mario Greco told Reuters. The insurer will set new three-year targets later this year that are likely...
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Zurich Insurance Group AG said Thursday that first-half net profit rose slightly, missing expectations, but that operating profit jumped as it dealt with turbulent markets and said it would launch a 1.8 billion Swiss franc ($1.91 billion) share buyback. The Swiss insurer reported net profit of $2.20 billion in the six months to the end of June, up slightly from $2.19 billion in the same period last year. However, its closely watched business operating profit measure climbed 25% to $3.39 billion in the quarter, its highest since 2008, driven by an underlying improvement across all businesses, Zurich said. That compares with expectations of net profit of $2.48 billion and BOP of $3.28 billion...
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Zurich Insurance Group has reported that its business operating profit (BOP) surged 25% to $3.393 million in the first half of 2022, its highest in 14 years and second highest ever. All regions and business lines contributed to the stellar results. Property and casualty operating profit rose 32% to $2,055 million for the first six months ending June 30, with a record-low combined ratio of 91.9%. Life operating profit rose 13% to $903 million. Mario Greco, Zurich Group chief executive officer, praised the results, saying they show “the solidity of our business and the value of our mid-term transformation.” “The P&C business reported today its best-ever combined ratio,...
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Zurich Insurance Group has reported that its business operating profit (BOP) surged 25% to US$3.393 million in the first half of 2022, its highest in 14 years and second highest ever. All regions and business lines contributed to the stellar results. Property and casualty operating profit rose 32% to $2,055 million for the first six months ending June 30, with a record-low combined ratio of 91.9%. Life operating profit rose 13% to $903 million. Mario Greco, Zurich Group chief executive officer, praised the results, saying they show “the solidity of our business and the value of our mid-term transformation.” “The P&C business reported today its best-ever combined ratio...
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Botswana Insurance Market 2022-2028 This press release was orginally distributed by SBWire Edison, NJ — ( SBWIRE ) — 08/03/2022 — 2022-2030 World Botswana Insurance Market Report Professional Analysis 2022 is latest research study released by HTF MI evaluating the market risk side analysis, highlighting opportunities and leveraged with strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Botswana Insurance Market. Some of the key players profiled in the study are Caisse Nationale de Prevoyance, Samsung Life Insurance, Berkshire Hathaway,...
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How has the insurance industry performed across the board since the pandemic and post-pandemic? The pandemic has transformed the insurance industry with differing impact on the general insurance and life insurance segments. Within life insurance, Covid-19 was the second highest cause for life cover claims in the past year, highlighting another area where the pandemic affected the community. Covid-19 also brought into sharp focus the importance of our health and immunity, and the need for us to make prudent lifestyle choices and investments to help reduce preventable health risks. Consumer interest in critical illness insurance solutions could potentially be derived from this place of...
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In comparison to the last two summers, this year in Switzerland couldn’t be more different. While the impact of Covid saw the grounding of flights and a surge in the popularity of domestic travel, the world’s airports have roared back into life in 2022 – many to levels above the pandemic. As a result, airlines and airport authorities have struggled to keep up, with the consequence being cancelled flights, delays and lost luggage. The situation is particularly bad at Zurich Airport, which is Switzerland’s largest. Zurich Airport saw an increase of almost 250 percent compared to last year, while passenger levels are fast approaching the highs set before the pandemic. In June...
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