Zurich

126 Hagley Rd Birmingham, West Midlands, B16 9PF +44 121 456 1999
+44 121 456 1999
http://www.zurich.co.uk/broker
  • About Zurich

    Zurich is a leading multi-line insurance provider with a global network that spans more than 170 countries. Working closely with customers and brokers alike, Zurich is proud to offer a spectrum of life insurance and services and general insurance to personal lines, SME, mid-market and global corporate customers.  When it comes to brokers, Zurich is not only focused on offering the best products but practical expertise, tools and knowledge that they can pass on to their clients too. Our key online resource and newsletter Insider allows UK brokers to enjoy free access to the latest expertise, thoughts and opinions on the insurance industry.

    Simply register online to start getting the latest industry insights from Zurich’s Insider newsletter and information hub> www.insider.zurich.co.uk

    For more information on Zurich’s products and services please visit www.zurich.co.uk/broker

Zurich is fully delivering on its 2019 financial targets

Zurich-is-fully-delivering-on-its-2019-financial-targets

The management team of Zurich Insurance Group (Zurich) have given a series of presentations to update investors and analysts on the progress of the company’s strategy.

  • 2018 Investor Day highlights that Zurich Insurance Group is fully delivering on its 2017-2019 financial targets, having restored management discipline and efficiency
  • Zurich’s balance sheet remains very strong and, together with earnings growth, supports further shareholders’ value creation
  • Rebalancing of business mix will support future earnings growth
  • Zurich has built leading positions in attractive markets through targeted acquisitions while releasing capital from non-core operations
  • Zurich is progressing well on its customer oriented strategy by strengthening capabilities and expanding service offerings

“I am very pleased that we are fully delivering on the financial targets that we set out back in 2016,” said Group Chief Executive Officer Mario Greco. “Two years into our strategic cycle we are a very different company from the one we were in 2016. We are customer-led, with a more focused footprint and empowered local units and our management team is focused on disciplined execution and expanding the service offerings to deepen our customer relationships and drive profitable growth. Together with our strong capital position and cash generation this supports attractive and growing shareholder returns.”

At Investor Day 2018, Chief Executive Officer Mario Greco will present proof points of delivery against the Group’s strategy, and Chief Financial Officer George Quinn will provide additional detail in the finance update. In a series of four separate breakout sessions, business highlights for North America, Switzerland, Ireland and Australia Life will be given.

Zurich is on track to achieve its 2017-2019 financial targets. Zurich’s business operating profit after tax return on equity for the first six months of 2018 was 12.3% and it achieved cumulative net expense savings of USD 900 million. Zurich will achieve net savings of USD 1.1 billion by the end of 2018, well in line with its end-2019 target of USD 1.5 billion.

Cash remittances for the first half of 2018 continued to be strong, putting Zurich on track to achieve the target of more than USD 9.5 billion over the three years. Zurich expects to generate accumulated cash remittances of more than USD 7 billion for the two years 2017 and 2018, and net cash remittances in excess of USD 1 billion per annum in Life for 2018-2021. Zurich remains strongly capitalized with an estimated Z-ECM ratio of 134%1 as of the end of September 2018, well above the 100-120% target range. Together, these provide a strong and stable platform to deliver an attractive and growing dividend.

1 Reflects midpoint estimates as of September 30, 2018 with an error margin of +/- 5pts for Z-ECM.

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