Zurich Insurance Group AG said revenue from property and casualty insurance rose 12% in the first quarter on a like-for-like basis, helped by higher premiums.
Gross written premiums in the business rose 9% from a year earlier, as Asia and Latin America made up for a small decline in North America, the insurer said in a statement Thursday. Zurich’s life insurance new business premiums declined.
Zurich, which closed out last year with its highest return on equity on record, confirmed it will start a buyback program announced in February in the next few weeks. German rival Allianz SE on Wednesday reported a 6.8% increase in operating profit amid inflows at its bond manager Pacific Investment Management Co.
Other key figures:
- Swiss solvency test ratio 232%
- P&C insurance revenue $10.3 billion
- Farmers gross written premiums $7.08 billion
- Farmers management services fees up 6%
Earlier this year, the Swiss firm’s plan to offload its $20-billion Zurich Life Legacy back book in Germany to Viridium Holding fell through after the insurance consolidator pulled out of the deal as a result of issues relating to Viridium’s ownership structure.
Zurich had said in January it was committed to finding a solution for the portfolio, which administers around 700,000 life insurance policies in Germany, and would continue to explore options.
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