Insurer Zurich boosts profit 20 per cent and hikes dividend
Swiss insurance behemoth Zurich said today that it boosted operating profit 20 per cent to $4.6bn (£3.5bn) in 2018.
It said it is "Well on track" to deliver on its 2017 to 2019 targets with $1.1bn in cumulative net cost savings achieved out of a target of $1.5bn its profitability and return on equity metrics currently exceeding targets.
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The insurer said it proposes a dividend increase of six per cent to 19 Swiss francs a share.
Operating profit in its property and casualty business grew 35 per cent, with "improved underwriting performance in a challenging environment".
Property and casualty gross written premiums ticked up one per cent to $33.5bn and its combined ratio fell to 97.8 per cent from 100.9 per cent the previous year.
Zurich’s life insurance business performed strongly with business operating profit up 23 per cent to $1.6bn which it attributed to strong growth in Latin America and the Asia Pacific region as well as expense reductions.
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Chief executive Mario Greco said: “We have continued to strengthen our profitability and lower costs while growing our business, expanding our global footprint and broadening our range of innovative solutions to meet the changing needs of customers. This performance gives us great confidence as we enter the next phase of our development over the year ahead.”