Zurich said on Thursday that it was well on the way to achieving its target of 8% growth in earnings per share (EPS) over the period 2023-2025.

At a meeting with investors, the Swiss insurance group also said it was aiming for a solvency ratio measured by Swiss standards (SST) of at least 160% within two years.

In the meantime, Zurich plans to return more than $13.5 billion in cash to its shareholders.

The insurer also unveiled a savings target, with a cost ratio that should be brought below the 10% mark in its property-casualty insurance business by 2025.

The share was down 0.8% on the Swiss market after these announcements.

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