Zurich Insurance Property and Casualty Revenue Rises

By Pierre Bertrand

Zurich Insurance said property and casualty insurance revenue rose in the first three months of the year after strong growth in both its commercial and retail businesses.

The Swiss insurer said Thursday that property and casualty insurance revenue rose to $10.25 billion from $9.41 billion a year ago, while gross written premiums rose 9% on a like-for-like basis to $12.62 billion.

Growth at the division was supported by higher customer retention in all regions, the company said.

At the insurer's life division, present value of new business fell 1% on year on a like-for-like basis to $4 billion, reflecting the sales volumes of retail savings in Spain in the prior-year period, the company said.

Zurich Insurance's previously announced share buyback of up to 1.1 billion Swiss francs ($1.22 billion) will begin in the next few weeks, it said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

May 16, 2024 01:33 ET (05:33 GMT)

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