Zurich, which has a large business in Asia Pacific, posted a 16% rise in 2019 business operating profit as it benefited from an improved business mix, lower volatility and cost savings.
Business operating profit was US$5.3 billion, Europe’s fifth-largest insurer said, while net profit rose 12% to its highest level since 2010.
It has been a turnaround story for global chief executive Mario Greco after he joined when the insurer was in some trouble.
He has continued expansion in Asia-Pacific. Its latest deal was in Indonesia for 80% of P&C insurer Adira. The deal came shortly after chief executive Mario Greco unveiled a new three-year growth plan for the company, targeting a return on equity of more than 14% and earnings per share growth of at least 5%.
Growing the business in South-East Asia will remain a key strategic priority for the group, with the stake in Adira an important part of that long-term goal.
Group insurance premiums rose 4% on average last year after a 2% increase in 2018, Zurich’s financial director chief George Quinn said on a media call.
Zurich’s overall combined ratio strengthened to 96.4%.
The insurer also said it is unlikely to take a significant hit from the coronavirus outbreak in China, though the epidemic could lead to a drop-off in premium volumes for travel and business interruption insurance, Quinn said.

Leave a Reply

e: [email protected] | t: +852-8191-5120 (hong kong) | t2: 050-5806-7296 (from japan)