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Zurich says it’s "on track" to hit 2019 targets

Zurich says it’s "on track" to hit 2019 targets | Insurance Business

Zurich says it’s "on track" to hit 2019 targets

It’s a confident statement from Swiss insurance giant Zurich – the firm is very much on track to hit its financial targets.

Speaking ahead of its investor day, the group said it will achieve net savings of US$1.1 billion (around £886 million) by the end of 2018 – placing it firmly in line to reach its end of 2019 goal of savings of US$1.5 billion.

“Zurich Insurance Group is fully delivering on its 2017-2019 financial targets, having restored management discipline and efficiency,” it said.

In a Reuters report, group chief executive officer Mario Greco outlined that the company was “very different” to the one that set out its goals back in 2016. Greco has helped to oversee an overhaul at the firm making promises to be more efficient.

The results have paid off for the business - it has seen its shares grow 5.3% this year, outperforming the sector at large with the Stoxx 600 Insurance Euro Price Index losing 4.3%. During the first six months of the year it enjoyed expense savings of US$900 million.