Zurich, the insurer, said that its profits jumped by a fifth last year as it reaped the benefits of cost savings, an improved underwriting performance, and higher sales of life insurance products.
The company is almost at the end of a three year plan laid out by chief executive Mario Greco in 2016. It has already cut $1.1bn of costs, against a target of $1.5bn, and return on equity for 2018 at 12.1 per cent just beat the target.
It has also made a series of bolt on acquisitions as Mr Greco expands Zurich’s presence in emerging markets such as Latin America and Asia, and in travel insurance where the company sees scope to offer customers a range of additional services.
In property and casualty insurance, the group’s biggest business, earnings rose by over a third as Zurich focused on profitability over volume…read more