GWP for property and casualty (P&C) amounted to $33.5 billion in 9M, representing an increase from the same period in 2021. Broken down by region, North America contributed $16.2 billion in P&C GWP; Europe, Middle East, and Africa’s share was $14.1 billion; Asia-Pacific, $2.6 billion; and Latin America, $2 billion. All four markets reported higher GWP.
As for the other operations, Zurich’s life annual premium equivalent went down 6%, while GWP from Farmers Exchanges grew 11%.
Group chief financial officer George Quinn noted: “The group continues to be on track to exceed its strategic and financial targets for the 2020-2022 cycle. We saw robust premium increases across the group, most notably in our North American property & casualty business, where rate increases drove double-digit top-line growth. We expect margin trends in our commercial insurance business to be positive into 2023.
“The life business continues to experience positive operating trends which are offset by the effects of the strong US dollar and weaker financial markets. Farmers is demonstrating strong, rate-driven growth.”
The CFO went on to describe Zurich’s capital position as excellent. Quinn added: “The strong delivery through this strategic cycle positions us well as we look forward to setting out our plans for the next three-year cycle at our upcoming Investor Day.”
Zurich’s Swiss Solvency Test ratio, as of the end of September, is pegged at 252%.