November 15, 2017 / 6:35 AM / a year ago

Zurich Insurance confirms targets as expected price rises boost delivery

ZURICH, Nov 15 (Reuters) - Zurich Insurance on Wednesday confirmed its 2017-2019 financial targets, saying an expected improvement in insurance pricing following recent natural catastrophes would boost its ability to deliver on its goals.

“The targets announced last year anticipated a weakening market trend,” Chief Executive Mario Greco said in a statement. “The recent events are a reminder of rising risk costs, and we expect that the impact of the events will lead to an improving price trend. This will further boost our ability to deliver on the targets for 2017-2019.”

Europe’s fifth-largest insurer said improved business performance, combined with cash generation and a strong balance sheet, gave the group confidence it would be able to increase its return of capital to shareholders over time. (Reporting by Brenna Hughes Neghaiwi, editing by John Miller)

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