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Zurich clocks best P&C combined ratio in a decade

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Zurich Group has lifted its first-half net income by 14% to $US2.04 billion ($3.01 billion), helped by a strong underwriting performance in property & casualty (P&C)..

The P&C arm recorded a 46% rise in overall operating profit to $US1.66 billion ($2.45 billion) and gross written premium (GWP) for that division was 4% higher at $US18.56 billion ($27.34 billion).

The P&C combined operating ratio improved 2.4 percentage points to 95.1% — the lowest level in the past decade on improved performance in commercial Insurance and lower natural catastrophe losses.

“We are proud to report that we are set to exceed all our targets and that the strategy is proving successful,” Group CEO Mario Greco said.

Underlying GWP growth was seen across all regions and Zurich achieved rate increases of about 3%. In the second quarter, rates further accelerated, especially in North America where rate increases of just under 7% were made.

In Australia, Zurich launched the LiveWell app, designed to help support Zurich customers’ mental and physical wellbeing, and acquired OnePath Life ,which gave Zurich a distribution co-operation agreement with ANZ Bank.