Zurich, one of Europe’s biggest insurers, posted a record adjusted operating profit of $7.4bn, lifted by rising commercial insurance prices and a particularly strong performance by its life division, topping analyst expectations of $7.1bn.
“I expect this positive momentum to continue,” said chief executive Mario Greco.
The Swiss insurer said it expected more than 10 per cent compound annual growth in its earnings per share between 2023 and 2025, two percentage points above its original target.
Zuirich, which has a market capitalisation of more than $70bn, was helped by a record operating result in its life business. New business premiums there grew by a quarter, including a surge in sales of retail savings in Spain through a joint venture with Banco Sabadell.