Zurich Insurance H1 BOP Climbs, Plans CHF 1.8 Billion Buyout; On track to beat all targets

(RTTNews) – Zurich Insurance Group (ZURVY) reported on Thursday that its first-half net profit attributable to shareholders rose 1% to $2.20 billion from $2.19 billion last year, despite the effects financial market negatives.

The group’s operating profit or BOP soared 25% to $3.39 billion from $2.71 billion a year ago. Zurich Insurance posted the highest first-half operating profit since 2008 and the second highest on record, with all regions and lines of business contributing to growth.

General insurance or P&C increased 32% to $2.06 billion, and life insurance increased 13% to $903 million.

Gross written premiums and non-life premium incidentals increased 8% to $23.80 billion. Growth was 13% on a comparable basis.

Gross written premiums, policy fees and life insurance deposits fell 6% to $13.66 billion.

In addition, the company said it was planning a share buyback of 1.8 billion Swiss francs to offset the expected earnings dilution from the agreed sale of the life portfolio in Germany. The buyback is expected to begin in the coming months, subject to market conditions and regulatory approvals.

Looking ahead, Mario Greco, Group Chief Executive, said: “We are on track to beat all of our targets for the second consecutive three-year cycle.

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