Zurich Insurance FY23 Profit Rises; Lifts Dividend, Outlook; Plans CHF 1.1 Bln Share Buyback

(RTTNews) - Zurich Insurance Group AG (ZURVY) reported Thursday that its fiscal 2023 net income attributable to shareholders grew 10 percent to $4.35 billion from last year's $3.96 billion.

Earnings per share were 26.70 Swiss francs, up 6 percent from last year's 25.28 francs. Earnings per share went up 12 percent in US dollar.

Group business operating profit or BOP climbed 21 percent to $7.38 billion from last year's $6.12 billion.

The company noted that in the first year of its 2023-2025 financial cycle, it posted highest ever BOP, strongly supported by an excellent performance by the Commercial Insurance business, a record performance in its Life business, and growth at Farmers.

P&C gross written premium and policy fees grew 7 percent to $44.40 billion from last year's $41.44 billion.

Further, the company proposed dividend increase of 8 percent to 26 francs per share, supplemented by a share buyback of up to 1.1 billion francs.

Looking ahead, Zurich now expects compound annual growth in 2023-2025 earnings per share to exceed 10 percent. This is compared with the previous target of 8 percent, which was established at the 2022 Investor Day.

The company also sees mid-single digit growth in insurance revenue for P&C, with the Life BOP expected to be at least in line with the record high level of 2023.

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