Zurich Insurance Group unveils financial results

Zurich Insurance Group unveils financial results | Insurance Business

Zurich Insurance Group unveils financial results

Swiss insurer Zurich Insurance Group is the latest to reveal its 2020 performance, and group chief executive Mario Greco is speaking with confidence despite falls across all of its main business lines.

Zurich’s net income attributable to shareholders, while down 8% from 2019, amounted to $3.8 billion. According to the insurer, the decline was mainly due to the hit from COVID-19 in the first half of the year.

In terms of business operating profit (BOP), here’s how Zurich fared in the 12 months ended December 31:

Business

2020 BOP

2019 BOP

Property & casualty

$2.1 billion

$2.9 billion

Life

$1.4 billion

$1.5 billion

Farmers

$1.5 billion

$1.7 billion

Group

$4.2 billion

$5.3 billion

      

Zurich noted that the impact related to the coronavirus pandemic stood at $852 million, $450 million of which came from the P&C business.

Despite the lower profit in 2020, however, Greco is pleased with how the company carried itself during the challenging period. He asserted: “Our results confirm the strength of our business, the agility of our people, and the timeliness of our digital strategy. We kept our business fully operational throughout the year and our actions underlined our strong sense of social responsibility.

“We stayed closer to our customers than ever before, helping them beyond our contractual obligations, including refunds and discounts, waiving exclusions for pandemics, adjusting premiums, suspending cancellations, and working with them to change payment plans or providing tenants with partial rent relief.”

The insurance group, in collaboration with the Z Zurich Foundation, also assisted frontline medical teams, supported production of hospital ventilators, and continued to support charities caring for the vulnerable.

“We acted as a responsible employer, protecting our people and their families with free health benefits, including COVID-19 hospitalization coverage, testing and flu vaccinations, and will extend this to COVID-19 vaccination as it becomes more widely available,” Greco went on to highlight.

Additionally, the CEO cited Zurich’s climate action initiatives, the company’s execution against strategic priorities, as well as its plans aimed at growth and innovation.

Greco stated: “I am proud of the way we acted in 2020 and the results we achieved, and looking ahead I’m confident in the strength of our business, our strategy, and our employees to deliver on our goals.”