Zurich 1Q Property-and-Casualty Insurance Revenue Rose, Driven by Increase in North America Premiums
By Adria Calatayud
Zurich Insurance Group said Wednesday that property-and-casualty insurance revenue rose in the first quarter, driven by an increase in premiums in North America.
The Swiss insurer said property-and-casualty insurance revenue rose to $9.41 billion from $8.77 billion in the same period last year. Gross written premiums at its property-and-casualty division came in at $11.97 billion, up 10% on a like-for-like basis.
Growth was supported by higher premium rates in the division, with a 6% increase in commercial insurance rates, Zurich said.
At the insurer's life division, present value of new business premiums rose to $4.16 billion from $3.56 billion a year before, it said.
"We have had a strong start to the year and our new financial cycle and we remain focused on executing our strategy," Chief Financial Officer George Quinn said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
May 17, 2023 01:21 ET (05:21 GMT)
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