Zurich reports group BOP of $3.7bn; highest ever ROE recorded

Written by Adam Cadle

10/08/2023

Zurich has reported a group business operating profit (BOP) of $3.7bn, matching record H1 2022 levels and its highest ever return on equity (ROE) at 22.9%.

Earnings per share grew 8% in USD and net income attributable to shareholders rose to $2.5bn.

P&C BOP was strong in H1 at $2.2bn, down 6%, and life BOP rose 11% to $0.9bn, up 18% on a like-for-like basis.

The insurer recorded a strong capital position with a Swiss Solvency Test (SST) ratio at 263%.

Group CEO Mario Greco said: “Zurich has made a strong start to the new financial cycle. We have high expectations for the group’s performance and we set targets accordingly. More importantly, we deliver.

“We’ve achieved a return on equity that’s among the highest in the industry, while minimising volatility, maintaining a strong balance sheet and taking advantage of the growth opportunities available to us.

“Our 2023-2025 targets are our most ambitious yet, but our agility, flexibility and focus on delivering results make me confident that we will achieve them.”

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