Zurich Insurance Lifts Outlook After Profit Rises to Record High
By Helena Smolak
Zurich Insurance posted a record business operating profit driven by growth across all its segments which led the company to raise its guidance.
The Swiss insurer said Thursday that it is well ahead of all targets for 2023-25 and now expects compound annual growth in earnings per share during the period to exceed 10%, compared with the target of 8%.
It's business operating profit for 2023 rose 21% on year to $7.4 billion but missed analysts' expectations of $7.71 billion, according to a company-compiled consensus.
Zurich's net income grew 10% to $4.4 billion with a return on equity of 23.1%, up from 17.8% last year.
The insurer launched a share buyback program of up to CHF1.1 billion and declared a dividend of CHF26 a share, up 8% on year.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
February 22, 2024 01:26 ET (06:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: AI Leaders Excel in Earnings Season
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth