Swiss insurance group Zurich has released what it described as the company's best first-half results in 10 years and is on track to beat its financial targets.
Operating profit at Zurich Insurance rose 16% to $2.8bn compared with the same period in 2018. The combined ratio, a key figure in the insurance business, dropped to 95.1% in non-life - the best it has been in ten years.
Broken down, life BOP went down 8% (underlying or on a like-for-like basis, up 2%) to $701m while its property & casualty (P&C) business operating profit rose 46% to $1.7bn. In addition, P&C gross written premium (GWP) and policy fees amounted to $18.6bn; life GWP, policy fees, and insurance deposit reached $18.1bn.
We are proud to report that we are set to exceed all our targets and that the strategy is proving successful"
Overall, net income attributable to shareholders after tax grew 14% to a little over $2bn from $1.8bn previously.
Switzerland's biggest insurer had set in 2016 a series of ambitious targets it wanted to meet over a three-year period, CEOMario Grecosaid. "We are proud to report that we are set to exceed all our targets and that the strategy is proving successful," Greco added.
Zurich is now working to develop its new three-year plan. Greco will present the new targets at an investor conference in November.