Investing.com — reported broad-based premium growth in the first quarter, with all segments contributing to an 11% rise in revenue.
Gross written premiums in the property-and-casualty division rose 18% to $15.56 billion, though on a like-for-like (LFL) basis the increase was a more modest 8%, with currency tailwinds and the timing of certain large contracts boosting the reported figure.
Life division gross written premiums rose 5% to $9.85 billion, but fell 5% on a like-for-like basis as the company pulled back from low-margin savings business. At Farmers Exchanges, the California-based policyholder-owned interinsurance exchanges that contract with Zurich, premiums grew 4% to $7.72 billion.
Growth was broad across geographies. Latin America led the way with gross written premiums up 25%, or 20% on a like-for-like basis. North America grew 15%, or 9% like-for-like, while EMEA rose 18%, or 6% on the same basis. Asia Pacific posted 8% growth, or 9% in like-for-like terms.
“We were surprised to find that Zurich accelerated Non-Life growth, from +6% in EMEA to +20% in Latin America,” Jefferies analysts said. “Pricing has also held up far better than feared, with rates +2% globally and flat in North America.”
“In our view, this will support the shares today,” they added.
Zurich said it expects “no material impact on performance” from geopolitical tensions and conflicts in the Middle East, citing limited exposure to the region.
“All our businesses started the year strongly, with growth accelerating across targeted business lines and customer segments, including Specialty, Middle Market and Life Protection,” said CFO Claudia Cordioli.
“Combined with our geographic diversification, these results highlight the resilience of our business model and the strength of our franchise. Thanks to our strong capital position, we are well positioned to navigate the current uncertain environment and stay on track to meet or exceed our 2027 targets.”
