Zurich grows P&C in Asia Pacific, Latin America in Q1
Zurich Insurance Group has seen growth in its property/casualty (P&C) business in Latin America and Asia Pacific, but this expansion was offset by actions focusing on profitability in North America.
Gross written premiums (GWP) in P&C in Latin America grew 14 percent year on year on a like-for-like basis to $684 million in the first quarter of 2018. Rates in the region have been increasing by 4 percent, according to the company statement.
In the Asia Pacific region, Zurich expanded GWP by 10 percent year on year to $628 million over the period with rates up 2 percent.
In North America, however, GWP shrank 5 percent year on year on a like-for-like basis to $3.11 billion. Here, rates were up 3 percent.
In the EMEA region, GWP in P&C declined by 2 percent while rates expanded at 2 percent.
During the first quarter claims related to natural catastrophes have been only slightly above historical first quarter levels, the company said. Overall, Zurich’s GWP in P&C shrank 1 percent as the group focused on profitability. Rates expanded 2 percent over the period.
“We are pleased with the development of our businesses in the first quarter,” said group chief financial officer George Quinn. “The Group continues to make good progress toward our 2017 to 2019 targets and remains strongly capitalized after returning around $3.8 billion to shareholders year-to-date through the increased dividend and the previously announced anti-dilution measures,” Quinn noted.
“In P&C we remain focused on profitability, while our Life business continues to perform strongly and the Farmers Exchanges are seeing good momentum in key customer metrics and underlying profitability,” he added.
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