Zurich announces financial results for first half of 2018

Zurich’s business operating profit increased by 12% to US$2.4 billion during the first half of 2018, the company announced on Thursday.

The insurer’s P&C combined ratio improved by two percentage points, reaching 97.5%. This, Zurich says, was due to an improved current accident year loss ratio and reduced administration expenses.

Related: Zurich names new CEO for Canada

“I’m extremely pleased with our continued progress,” Zurich Group CEO Mario Greco said in a news release. “Our businesses are showing great resilience and improved profitability despite challenging market conditions.”

Zurich says it is well positioned to deliver on its financial targets through 2019, having already achieved US$900 million in cost savings and a business operating profit (after tax) return on common shareholders’ equity of 12.3 %.

“At the midpoint of our three-year plan, we stand well on track to achieve all indicated targets by the end of 2019,” Greco said. “And we are progressing fast in the implementation of the strategy we launched in November 2016.”

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This story was originally published by Canadian Insurance Top Broker.