By Pietro Lombardi
Zurich Insurance Group AG's (ZURN.EB) nine-month property and casualty gross written premiums rose 2% and it is on track to beat its targets, the company said Thursday.
The premiums reached $26.44 billion compared with $25.87 billion in the same period a year earlier, the Swiss insurer said. On a like-for-like basis, premiums rose 7%.
Life annual premium equivalent, known as APE, fell 11%. On a like-for-like basis, it declined 6%.
APE measures new-business growth by combining the value of payments on new regular premium policies, and 10% of the value of payments made on one-time, single-premium products.
"We expect to exceed all of the targets that we set in 2016," Chief Financial Officer George Quinn said. "The strong achievements of the past three years position us well for the next stage of our development, on which we will provide more information at our upcoming investor day."
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