Zurich’s top line for the nine months shows good growth
Multi-line insurer Zurich’s property & casualty (P&C) gross written premiums for the nine months ended September 30, 2019 were up 7 percent on a like-for-like basis, adjusting for currency movements, with further rate acceleration in the third quarter, the company reported today.
Life new business value was up 5 percent and APE sales down 6 percent on a like-for-like basis adjusting for currency movements, acquisitions and disposals. The company said the decline is largely explained by two large corporate protection contracts written in 2018, that did not recur this year. APE was 11 percent lower on a reported basis, with movements of key currencies against the US dollar an additional factor driving the decline.
The Farmers Exchanges, which are owned by their policyholders, continued to deliver top-line growth. In the first nine months of 2019, gross written premiums were up 1 percent with growth across all books of business. Growth was also supported by the continued expansion of the Farmers Exchanges in the Eastern US, with gross written premiums up 7 percent in the expansion states.
The company’s capital position remains very strong with the Z-ECM estimated at 113 percent.
“We are pleased with the development of the group year to date with continued progress against both our strategic and financial plans, including additional distribution agreements. We expect to exceed all of the targets that we set in 2016,” said group chief financial officer George Quinn. “In P&C pricing continues to increase, supporting growth and continued improvement in the portfolio, while in the Life business we are well positioned to face the challenge of low interest rates. The Farmers Exchanges continue to deliver steady growth and execution against their strategy. The strong achievements of the past three years position us well for the next stage of our development, on which we will provide more information at our upcoming investor day.”
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