Zurich reports record BOP of $4bn in H1
Written by Adam Cadle
08/08/2024
Zurich’s group business operating profit (BOP) rose by 7% in H1 2024 to a record US$4bn, according to its latest financial results.
Its highest ever return on equity was also recorded at 25%. P&C BOP hit US$2.2bn, up 3%. This was underpinned by increased insurance revenue and improved investment results.
Zurich’s life business reported a record performance, achieving the highest ever BOP for a first half-year, up 12% to US$1bn, with a strong contribution from EMEA. This performance benefited from a higher contractual service margin, increased assets under management and growth in short-term protection.
The insurer also recorded a very strong capital position with the Swiss Solvency Test ratio at 232%.
“I am very pleased with these results which reflect excellent performance across all our businesses,” Group CEO, Mario Greco, said.
“This will continue to enable us to deliver strong returns for our shareholders. Market conditions have remained more favourable than anticipated and we observe today, any opportunities to profitably grow the business.”
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