LONDON (Reuters) -Zurich Insurance on Thursday posted a bigger-than-expected 7% rise in first-half business operating profit at a record $4 billion due to robust performance in the property and casualty segment, and record profit in life and Farmers units.
Analysts had expected operating profit of $3.9 billion, according to a company-compiled consensus poll.
Property and casualty (P&C) operating profit for Europe's fifth-largest insurer rose 3% to $2.2 billion, slightly below a forecast of $2.3 billion. Natural catastrophe losses totalled 2.4% compared to 1.8% in the first half of 2023, Zurich said in a statement.
Operating profit in Zurich's life business rose 13% to $1 billion, in line with forecast, while Farmers' operating profit rose 12% to $1.1 billion, also in line with estimates.
"Market conditions have remained more favorable than anticipated and we observe today many opportunities to profitably grow the business," chief executive Mario Greco said in the statement.
Zurich's Swiss Solvency Test ratio was estimated at 232% on June 30, versus 234% as of Jan. 1, 2024.
(Reporting by Eva Orsolya Papp and Carolyn Cohn, Editing by Miranda Murray and Eileen Soreng)
