- Property & Casualty (P&C) gross written premiums up 3% on a like-for-like basis1 with strong growth in commercial insurance and further improvement in rates
- Recovery in Life new business sales in the third quarter with APE up 7% on a like-for-like basis1; year-to-date APE sales down 8% on a like-for-like basis1
- Farmers Exchanges2 gross written premiums 3% lower including USD 311 million customer rebates in the first half-year
- Capital position strong with Z-ECM ratio estimated at 110%3 at September 30, 2020; Swiss Solvency Test ratio as per September 30, 2020, at 193%4
- P&C claims related to COVID-19, net of reduced claim frequency, are unchanged at approximately USD 450 million5 as at September 30, 2020
- Priorities remain supporting customers and wellbeing of colleagues amid public health and economic challenges, and executing on customer-focused strategy
"Over the third quarter, the Group continued to successfully manage the unprecedented challenges of COVID-19, a global recession and a record number of hurricanes making landfall in the United States. Our priority remains the support of our customers and the safety and wellbeing of our colleagues as we continue to execute on our customer-focused strategy," said Group Chief Financial Officer George Quinn.
"Growth in our commercial business has remained strong with further improvement in commercial pricing and underlying underwriting performance. Our life business saw a return to growth in the third quarter despite ongoing challenges for face-to-face distribution channels, while Farmers continued to execute on their strategy to improve growth."
"Through the nine months, the Group has continued to demonstrate its resilience and the strength of the balance sheet, with the capital position under the Z-ECM improving over the quarter."
