Zurich has posted record profits of US$7.4bn, up 21%, for 2023.

In the first year of its 2023-2025 financial cycle, the group posted its highest ever business operating profit which it says was “strongly supported by an excellent performance by the commercial insurance business, a record performance in its life business, and growth at farmers”. It adds that the result puts the company in “an excellent position for further growth and allows the group to return more than US$5bn to its shareholders”.

Zurich reports that the group achieved price increases of around 6%, supported by a commercial insurance rate change of 7% (9% in North America) and an acceleration of rate increases in the retail business.

It added that despite severe flooding and hailstorms in Europe in Q3 2023, natural catastrophe losses for the year fell within the guided range, driven by careful management of its exposure to extreme weather events.

Mario Greco, group CEO, said: “We delivered record returns in 2023, well ahead of all targets for 2023-2025, with particularly strong growth in P&C and life, and highly effective management actions at the farmers exchanges. I expect this positive momentum to continue and to achieve EPS growth above 10% over the cycle.”