- Property & Casualty (P&C) insurance revenue up 6%. Gross written premiums rose 4% with rate increases of 5%.
- Life continues to strongly grow revenues and new business, driven by unit-linked and particularly strong protection sales in Japan, UK and Latin America.
- Farmers Management Services (FMS) achieves 6% growth in underlying fee income.1
- Very strong capital position with Swiss Solvency Test (SST) ratio estimated at 224%2 as of September 30, 2024.
Zurich Insurance Group (Zurich) delivered a robust performance in the first nine months of the year, with all businesses contributing positively. The P&C business continues to show strength while Life and Farmers build on their positive momentum.
"Our nine-month results confirm the continued strong momentum across all of Zurich’s businesses. In P&C, margins in Commercial Insurance continue to be favorable, and performance in Retail is improving. We are on track to exceed all current targets and look forward to presenting the new plan for the next 3 years at our Investor Day on November 21.''
Claudia Cordioli, Group Chief Financial Officer
Select financial highlights (unaudited)
Year-on-year changes on a like-for-like basis3, for the nine months ended September 30, 2024
(For a more comprehensive set of financial highlights see full media release in PDF)
P&C
+4%Gross written premiums (GWP)
+5%Insurance revenue
+5%Rate change
Life
+12%Insurance revenue (short-term contracts)
+10%Fee revenue (investment contracts)
+6%New business premiums (PVNBP)
Farmers
+6%FMS management fees and other revenues1
+4%Farmers Exchanges4 GWP
37.7%Farmers Exchanges4 surplus ratio
