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Zurich Insurance Group has reported strong performance in the first quarter of 2025 (Q1 2025), driven by growth across its property and casualty (P&C), life and farmers sectors.
The company's P&C gross written premiums (GWP) rose by 5% to $13.3bn, up from $12.6bn the previous year, supported by a 4% increase in premium rates.
The life sector saw an 18% increase in GWP, reaching $9.3bn, compared with $7.9bn in the prior-year quarter.
Farmers exchanges reported a 5% rise in GWP, amounting to $7.4bn.
Zurich's Swiss Solvency Test (SST) ratio stood at 256% as of 31 March 2025, up from 253% the previous year.
New business premiums grew in Europe, the Middle East and Africa, surging by 44% on a like-for-like basis.
This was attributed to retail savings growth in Spain, unit-linked products in Italy and protection products in Switzerland.
North America's new business premiums more than doubled, driven by unit-linked sales, the company highlighted.
However, the Asia-Pacific region saw a 20% decline in new business premiums on a like-for-like basis due to repricing actions in Japan and the timing of group scheme renewals in Australia.
Latin America's growth was propelled by unit-linked sales through the joint venture with Banco Santander.
Q1 also witnessed natural catastrophe losses, with a combined ratio impact of 3.2%, compared with 1.6% in the same period last year.
This increase was attributed to the California wildfires in January.
Zurich Group chief financial officer Claudia Cordioli said: “Our businesses started the year positively, delivering revenue growth, underpinned by a strong capital position and expanding margins. With our geographically diversified business, outstanding track record and robust balance sheet, I am confident that we will continue to deliver on our targets despite the volatile environment.”
The insurer reported a net income attributable to shareholders after tax of $5.8bn in 2024, a 34% increase from 2023.
"Zurich Insurance logs growth across all business segments in Q1 2025 " was originally created and published by Life Insurance International, a GlobalData owned brand.
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