Zurich Insurance H1 Profit Surges On Strong Premiums; Says On Track To Meet Targets

(RTTNews) - Zurich Insurance Group AG (ZURVY) on Thursday reported that its first-half net income attributable to shareholders surged 86 percent to $2.19 billion from last year's $1.18 billion.

Earnings per share were 13.28 Swiss francs, 74 percent higher than 7.63 francs a year ago.

The company noted that strong underlying earnings and a reduced impact from COVID-19 more than compensated for higher losses from extreme weather events.

Group business operating profit or BOP climbed 60 percent to $2.71 billion from $1.70 billion last year. Property and casualty or P&C BOP more than doubled to $1.6 billion, and Life BOP grew 44 percent to $802 million.

P&C gross written premiums and policy fees increased 16 percent to $22.03 billion, and the growth was 12 percent on a like-for-like basis.

Life gross written premiums, policy fees and insurance deposits increased 12 percent to $14.60 billion.

Farmers Exchanges gross written premiums increased 16 percent to $11.73 billion.

Further, the company said it remains on track to achieve 2022 targets.