In a detailed earnings report, the global insurer highlighted its performance for the six months ending June 30, 2023:
Delving into the figures, Zurich pointed out, “Net income after tax attributable to shareholders (NIAS) saw a 6% increase to US$2.5 billion compared to the prior-year period. This growth was primarily attributed to a more favorable net impact from capital gains and losses.”
| Metric | H1 2023 | H1 2022 |
|---|---|---|
| Property & Casualty Business Operating Profit (BOP) | US$2.25 billion | US$2.38 billion |
| Life BOP | US$939 million | US$847 million |
| Farmers BOP | US$993 million | US$982 million |
| Group BOP | US$3.72 billion | US$3.74 billion |
| Net Income after Tax Attributable to Shareholders | US$2.49 billion | US$2.34 billion |
The company also noted, “NIAS included US$0.1 billion of costs incurred related to the repurposing of some of Zurich’s own use real estate portfolio.”
Zurich characterized these interim results as “strong,” with its operating profit aligning with the record-high BOP achieved in the same period in 2022.
Commenting on Zurich’s financial performance, Mario Greco, the Group Chief Executive, stated, “Zurich has made a robust start to the new financial cycle. We have set ambitious targets for the group’s performance, and we are delivering on those expectations. We have achieved a return on equity that ranks among the highest in the industry, while also maintaining a strong balance sheet and seizing growth opportunities.”
Greco further added, “Our agility, flexibility, and steadfast commitment to results give me confidence that we will attain our most ambitious targets yet for 2023-2025.”
As results season unfolds, Zurich Insurance Group’s strong financial standing continues to be a notable highlight in the insurance sector.
Source: Zurich
