Zurich Insurance Q1 Property & Casualty Gross Written Premiums Rise

(RTTNews) - Zurich Insurance Group (ZURVY) reported Wednesday that its first-quarter Property & Casualty or P&C gross written premiums increased 6 percent to $11.97 billion from last year's $11.31 billion. Gross written premiums rose 10 percent on a like-for-like1 basis, adjusting for currency movements.

P&C insurance revenue went up 7 percent to $9.41 billion from last year's $8.77 billion. The growth was 11 percent on a like-for-like basis, driven by strong growth in commercial insurance and further improvement in pricing.

Life present value of new business premium or PVNBP increased 17 percent from last year to $4.16 billion. In the first quarter, new business premiums increased 23 percent on a like-for-like basis.

Gross written premiums at the Farmers Exchanges, owned by their policyholders, were down 3 percent from the prior year to $6.65 billion, impacted by the commercial rideshare business.