November 7, 2019 / 6:36 AM / 11 days ago

UPDATE 1-Zurich says rising P&C business to lift 2020 net earned premiums

(Adds details and background)

ZURICH, Nov 7 (Reuters) - Zurich Insurance Group posted a 2% rise in nine-month property and casualty gross written premiums on Thursday, adding the development is expected to have a positive effect on net earned premiums in the coming year.

Property and casualty premiums rose to $26.4 billion from $25.9 billion in the same period in 2018 as all regions contributed to growth. On a like-for-like business, premiums were 7% higher than the year-ago period.

Life annual premium equivalent, a figure that takes into account single premium and regular premium business, slipped 11% to $3.17 billion, as two large corporate protection contracts written in 2018 did not recur.

“We are pleased with the development of the group year to date with continued progress against both our strategic and financial plans, including additional distribution agreements,” Chief Financial Officer George Quinn said in a statement. “We expect to exceed all of the targets that we set in 2016.”

The company said claims from natural catastrophes and weather in the third quarter returned to historical levels, after very moderate claims in the first half.

Zurich has also provided coverage for helping some 90,000 travelers from Germany who had booked package vacations with Thomas Cook return home after the British travel company could not service its debts and collapsed in September.

Zurich, which did not give profit figures, holds an investor day next Thursday. (Reporting by John Miller; Editing by Muralikumar Anantharaman and Michael Shields)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below