In the first half of 2022, the Zurich Group earned more than a year ago. Zurich has continued to grow profitably, thanks to further increases in insurance cover prices. The turmoil on the financial markets, on the other hand, weighed on net income. Operating profit, which Zurich calls Business Operating Profit (BOP), climbed 25 percent to $3.39 billion, the group announced on Thursday in Zurich. Expectations were missed here after net income rose just 1 percent to $2.20 billion.
Zurich was able to grow in the important property and casualty line (P&C). Gross premiums written increased 13 percent to $23.8 billion. In business with corporate customers in particular, a large part of the growth can be attributed to higher prices. The claims burden in the P&C division was lower than a year ago. The combined ratio improved by 2.0 percentage points to 91.9 percent. An insurer earns more money the further the value is below the 100 percent mark.
The Group sees itself on course with the goals of the three-year strategy program, which will run until the end of 2022. CEO Mario Greco even assumes that the targets will be exceeded. On November 16, at the Investor Day, Zurich will be presenting new targets that will apply from next year.
Zurich is also planning a share buyback program of approximately CHF 1.8 billion. This after an old portfolio of life insurance policies in Germany was sold.
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