Zurich Insurance Group has reported all-around growth in its financial results for the nine months ended September 30, 2024.
In its interim earnings announcement, the insurer said it “delivered a robust performance in the first nine months of the year, with all businesses contributing positively” to Zurich’s financials during the period.
In terms of insurance revenue, the property & casualty segment saw an increase from US$31.42 billion in 9M 2023 to US$33.26 billion this time around. All regions – EMEA (Europe, Middle East, and Africa), North America, Asia-Pacific, and Latin America – posted higher insurance revenues.
The life business also enjoyed improved insurance revenue for short-term insurance contracts, with the figure growing from US$1.66 billion previously to US$2.10 billion in 9M 2024.
Positive contributions also came from Zurich’s Farmers entities.
Group chief financial officer Claudia Cordioli noted: “Our nine-month results confirm the continued strong momentum across all of Zurich’s businesses. In P&C, margins in commercial insurance continue to be favourable, and performance in retail is improving.
“We are on track to exceed all current targets and look forward to presenting the new plan for the next three years at our Investor Day on November 21.”
Meanwhile, Zurich’s estimated pre-tax loss from Hurricane Helene in the third quarter stood at US$160 million, while preliminary pre-tax losses attributable to Hurricane Milton in Q4 are estimated to be no more than US$200 million.
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