By Helena Smolak

Zurich Insurance posted a record business operating profit driven by growth across all its segments which led the company to raise its guidance.

The Swiss insurer said Thursday that it is well ahead of all targets for 2023-25 and now expects compound annual growth in earnings per share during the period to exceed 10%, compared with the previous target of 8%.

It's business operating profit for 2023 rose 21% on year to $7.4 billion but missed analysts' expectations of $7.71 billion, according to a company-compiled consensus.

Zurich's net income grew 10% to $4.4 billion with a return on equity of 23.1%, up from 17.8% last year.

The insurer launched a share buyback program of up to CHF1.1 billion and declared a dividend of CHF26 a share, up 8% on year.

Write to Helena Smolak at

(END) Dow Jones Newswires

02-22-24 0126ET