Zurich Insurance P&C revenue up 12% in Q1’24

Farmers Management Services (FMS) achieved a 6% growth.

Zurich Insurance’s P&C Insurance revenue increased by 12% on a like-for-like basis in the first three months of the year (Q1’24).

Likewise, its commercial insurance business saw an 8% growth in revenue, with North America contributing significantly with an 8% increase in rates. Retail insurance revenue grew by 10%, supported by a 7% increase in motor rates.

Natural catastrophe losses impacted the combined ratio by 1.6%. Whilst stable favourable reserve development was within the guidance range of 1–2%.

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Life insurance’s short-term protection and fee business revenue grew strongly, up 11% and 12% respectively. New business premiums (PVNBP) for long-term insurance contracts were 1% lower, reflecting reduced retail savings sales in Spain.

Notably, its Farmers Management Services (FMS) achieved a 6% growth in underlying fee income, well above the average annual growth rate of the last decade.

Farmers Exchanges' surplus ratio improved to 36.2%, supported by outstanding combined ratio performance and expense improvements. Farmers Re insurance revenue increased by $116m, driven by higher gross earned premiums and increased participation rate in the All Lines Quota Share.