Zurich Insurance: Q1 P&C Premiums, Insurance Revenue Up; On Track To Meet Or Exceed FY24 View

(RTTNews) - Zurich Insurance Group AG (ZURVY) reported Thursday that its first-quarter Property & Casualty or P&C Gross written premiums grew 5 percent to $12.62 billion from last year's $11.97 billion. The growth was 9 percent on a like-for-like basis.

P&C insurance revenue increased 9 percent to $10.25 billion from $9.41 billion a year ago. Insurance revenue grew 12 percent on a like-for-like basis.

Life Insurance revenue from short-term insurance contracts climbed 29 percent to $680 million.

Farmers Exchanges Gross written premiums grew 6 percent year-over-year to $7.08 billion.

Zurich Insurance said it delivered a strong performance in the first three months of 2024, continuing to profitably grow the top line and maintaining the positive momentum built last year.

The company said its previously announced share buyback will start as planned in the next few weeks.

Claudia Cordioli, Group Chief Financial Officer, said, "Ongoing growth in both our P&C and Life portfolios, combined with improved margins in Retail P&C, confirms the strength of our diversified business model. Farmers continues to show impressive results with Farmers Management Services reaching 6 percent growth in underlying fee income, well on track to meet or exceed the guidance of mid-single digit growth for the year."