Zurich Insurance Group has published its annual results for 2023 in accordance with the new IFRS 17 accounting standards.
The net profit for the year ended 31 December was 4.351 billion USD, up by 10% compared to the 3.964 billion USD recorded at the end of 2022.
The operating result has progressed by 21% to 7.381 billion USD against 6.123 billion USD a year earlier.
The Group's P&C business posted a 7% increase in gross written premiums to 44.401 billion USD.
The insurance income was up by 8% over twelve months, to 42.293 billion USD. The non-life combined ratio remained stable at 94.5%.
Life premiums amounted to 16.384 billion USD, representing a 26% growth over one year. The Swiss Group's solvency ratio stood at 233% on 31 December 2023. This indicator is 34 points lower than in 2022.
Zurich Insurance is proposing a dividend of 26 CHF (30.9 USD) per share and a share buyback program of up to 1.1 billion CHF (1.3 billion USD).