Zurich closes 2023 with a net profit of 4.35 billion dollars (4 billion euros).
Full-year operating profit beat estimates at $7.4 billion (€6.8 billion).
The company proposes an 8% dividend increase to 26 Swiss francs (27.33 euros) per share, complemented by a share buyback of up to 1.1 billion Swiss francs (1.16 billion euros).
The solvency ratio stands at 233% and the combined ratio of the property and casualty sector stands at 94.5%.
Gross non-life premiums are equal to 44.40 billion dollars.
New premiums in the Life business are 16.38 billion dollars (+26%).
Zurich's management of exposure to "extreme weather" events has helped reduce earnings volatility and make the quality of financial results more predictable. Losses from natural catastrophes are "within the expected range for the full year 2023."
Zurich expects annual growth in earnings per share from 2023 to 2025 to exceed 10%, compared to the 8% target set at Investor Day 2022. The insurance company also expects growth in non-life insurance revenues, while life should be at least in line with the 2023 level.
In 2023 "we achieved record returns, well above all targets for the 2023-2025 period, with particularly strong growth in the P&C and Life sectors.
I expect this positive momentum to continue and to achieve EPS growth above 10% over the course of the cycle", states Mario Greco, CEO of the group.
The board of directors will propose to the assembly the election of John Rafter to the board.
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