Zurich Insurance's property and casualty gross written premiums rise in first quarter
Zurich Insurance's First Quarter Performance Overview
By Tristan Veyet
Growth in Gross Written Premiums
May 13 (Reuters) - Zurich Insurance reported higher first-quarter gross written premiums for its property and casualty business on Wednesday, as the Swiss company benefited from rising investment in data centres.
Impact of Data Centre Investments
Data centres have mushroomed in the past few years as companies invest large sums of money to build their artificial intelligence infrastructure.
Financial Highlights
Zurich Insurance, Europe's second-largest insurer by market value, reported gross written premiums for its property and casualty business of $15.6 billion for the January-March period, up 8% on a like-for-like basis.
Progress Towards 2027 Targets
The group is on track to reach or exceed its 2027 targets, Chief Financial Officer Claudia Cordioli said in a statement.
Core Return on Equity and Cash Generation Goals
Zurich Insurance is aiming for a core return on equity of more than 23% between 2025 and 2027 and for cumulative cash generation exceeding $19 billion in the same period.
Comparison with Industry Peers
The group's results echoed those of French peer Axa and Munich-based Allianz, with both reporting higher revenue for their property and casualty segments.
Outlook and Risk Assessment
Zurich Insurance said it expects no material impact on its performance from the Middle East conflict.
(Reporting by Tristan Veyet in Gdansk; Editing by Rashmi Aich and Subhranshu Sahu)
