Zurich: share price buoyed by quarterly business review
Good business figures from the property-casualty business, Zurich's main source of profits, also largely underpinned the Swiss insurance group's results.
On an organic basis, revenues from the property-casualty business climbed 12% over the first three months of the year.
Commissions generated by Farmers Management Services (FMS), Zurich's agricultural subsidiary in the USA, rose by 6% over the quarter, well above the average growth rate of the last ten years.
In total, the Swiss Solvency Test (SST) ratio stood at 232% as of March 31.
In a press release, Zurich indicated that it intends to launch its previously announced CHF 1.1 billion share buyback program 'within the next few weeks'.
At around 12:30 p.m., Zurich shares were up by around 2%, making it the biggest gainer on the SMI index.
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