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 is proposing 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%.
Non-life gross premiums amounted to $44.40 billion.
New premiums in the Life business are 16.38 billion dollars (+26%).
Managing Zurich's 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 full-year 2023 ".
Zurich expects annual earnings per share growth from 2023 to 2025 to exceed 10%, compared to the 8% target set at its 2022 Investor Day. The insurer also expects insurance revenue growth for the non-life business, while life business should be at least in line with the 2023 level.
In 2023, “we achieved record returns, well above all targets for 2023-2025, with particularly strong growth in the P&C and Life sectors. I expect this positive momentum to continue and to achieve superior EPS growth to 10% over the course of the cycle", says Mario Greco, CEO of the group.
The board of directors will propose to the assembly the election of John Rafter to the board.
Reproduction reserved © Copyright ANSA