Zurich Insurance has published its quarterly financial results for the first time under the new IFRS 17 guidelines. This new accounting standard is aimed at making insurance companies' financial statements more consistent and transparent.
For the non-life (P&C) business, the Swiss group has not only continued to report gross written premiums but now it also shows insurance revenues. In the first quarter of 2023, these two activity indicators have increased respectively by 6% and 7% to reach 11.967 billion USD and 9.407 billion USD.
Life premiums have progressed by 17% to reach 4.156 billion USD as at 31 March 2023.
During the period under consideration, the group's solvency ratio estimated at 258% remains well above the target level of 160%.
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