Zurich Insurance Group (Zurich) has reported a business operating profit (BOP) of $3.72bn in the first half of 2023, a marginal decline from $3.73bn in comparison with the same period last year.

Net income after tax attributable to shareholders (NIAS) increased by 6% to $2.49bn from $2.34bn in the first half of 2022.

Diluted earnings per share (in CHF) was up 5% to SFr15.47 ($17.66), against last year’s SFr14.79 ($16.89).    

Property & Casualty (P&C) BOP dropped by 6% to $2.24bn while gross written premium and policy fees during the period were $24.56bn, 8% higher year-on-year (YoY).

According to Zurich, the gross written premiums in the P&C business increased across all regions for both commercial and retail insurance.

Strong regional growth, especially in the UK, Switzerland, Germany, and Italy, was the main driver of growth in EMEA.

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By GlobalData

Higher rates, particularly in the property and motor lines, continued to support business in North America.

While Latin America in the P&C segment saw robust commercial growth and boosted regional retail sales, the Asia Pacific witnessed a significant comeback in the travel insurance industry and growth in the retail motor business, the insurer added.

The first half saw Zurich’s life insurance BOP rise 11% to $939m and new business premiums during the period were up by 13% to $8.24bn.

Growth in life insurance business premiums was attributed to retail savings sales in Spain and recovery in Japan’s protection sales.

Increased sales in Brazil through Zurich’s joint venture with Banco Santander also contributed to the life insurance business.

Zurich group CEO Mario Greco said: “We have achieved a return on equity that is among the highest in the industry while minimising volatility, maintaining a strong balance sheet and taking advantage of the growth opportunities available to us.

“Our 2023-2025 targets are our most ambitious yet, but our agility, flexibility and focus on delivering results make me confident that we will achieve them.”

Earlier this week, the administrators of Greensill Bank filed a lawsuit in London seeking $400m from Zurich.