Zurich reports increased first quarter profits despite high occurrence of weather and catastrophe-driven events
Zurich continued to achieve a robust operating performance, combining sustained profitability in its core business segments with strong growth at Global Life and Farmers. Although the first quarter was characterized by a high occurrence of weather and catastrophe-driven events, the diversified nature of the Group's global portfolio allowed Zurich to produce strong results.
First quarter performance highlights include:
- Business operating profit (BOP) of USD 1.3 billion, an increase of 19%. Annualized BOP ROE after tax of 13.5%
- Net income of USD 935 million, an increase of 76%. Annualized return on equity (ROE) of 13.2%
- Total Group business volumes, comprising gross written premiums, policy fees, insurance deposits and management fees, of USD 19.0 billion, an increase of 11% or 6% on a local currency basis
- Shareholders' equity of USD 28.2 billion, a 4% decrease over year end after deduction of the USD 2.2 billion dividend. Solvency I ratio up 17 percentage points to 212%
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