Zurich Insurance Group has reported a BOP of $7.38bn for 2023, an increase of nearly 21% compared with $6.12bn in 2022.
Zurich’s P&C segment reported a BOP of $3.89bn, marking a 7% increase, primarily due to higher insurance revenue and an improved investment result.
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P&C gross written premiums and policy fees also saw a 7% uptick to $44.4bn in 2023.
Growth in the Europe, Middle East and Africa region was particularly notable, with significant contributions from the UK, Germany, Switzerland, Italy and Spain.
In North America, the insurance provider benefitted from increased rates, especially in property and motor lines.
The Asia-Pacific region experienced a recovery in the travel insurance sector and growth in retail motor insurance, while Latin America displayed strong commercial expansion and heightened retail sales.
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By GlobalDataDespite experiencing severe weather events, including flooding and hailstorms in Europe during the third quarter, Zurich maintained its natural catastrophe losses within the forecasted range for the full year of 2023.
The life insurance business segment achieved a record BOP of $2.06bn, a 39% surge, with growth reported across all areas of the business.
Life insurance new business premiums climbed by 24% to $16.38bn from $13.24bn in 2022.
The growth was propelled by several factors including substantial retail savings product sales in Spain through a joint venture with Banco Sabadell, predominantly in the first quarter, protection sales in Asia-Pacific and unit-linked sales in Latin America, the company said.
Considering these results and a strong capital position, Zurich has proposed an 8% dividend increase to SFr26, which represents a 19% rise in dollar terms.
Additionally, the company is planning to enhance the ordinary dividend with an extra share buyback programme of up to SFr1.1bn.
Zurich group CEO Mario Greco said: “We delivered record returns in 2023, well ahead of all targets for 2023–25, with particularly strong growth in P&C and Life and highly effective management actions at the Farmers Exchanges. I expect this positive momentum to continue and to achieve EPS [earnings per share] growth above 10% over the cycle.”
