Zurich Insurance Reports Growth in Premium Across Divisions

By Adria Calatayud

Zurich Insurance reported an increase in premiums for the first quarter, driven by growth across all its segments.

The Swiss insurer said Wednesday that first-quarter gross written premiums for its property-and-casualty division rose 18% on year to $15.56 billion, aided by currency movements and the timing of certain large contracts. On a like-for-like basis, Zurich's property-and-casualty premiums grew 8%.

Gross written premiums for its life division were $9.85 billion, up 5% on year. Life premiums were down 5% on a like-for-like basis due to a reduction in low-margin savings business, the insurer said.

At Farmers Exchanges, the policyholder-owned interinsurance exchanges in California that has contracts with Zurich, gross written premiums were up 4% at $7.72 billion, Zurich said.

The insurer said it anticipates no material impact on its performance from geopolitical conflicts and tensions in the Middle East as its exposure is limited.

"Thanks to our strong capital position, we are well positioned to navigate the current uncertain environment and stay on track to meet or exceed our 2027 targets," Zurich Chief Financial Officer Claudia Cordioli said.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

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