Zurich Insurance Group AG said Thursday that its net profit for 2018 rose, and raised its dividend.
The company reported a net profit of $3.72 billion for 2018, up 24% from $3 billion in 2017. Analysts had seen Zurich’s net profit for the year dropping to $2.98 billion, according to a consensus estimate provided by FactSet.
Business operating profit rose 20% to $4.57 billion for the year, Zurich said.
Gross written premiums–the total premium before deductions for reinsurance or ceding commissions–for the year at the Swiss insurer’s property and casualty division came to $33.51 billion for 2018, compared with $33.02 billion the year before. In Zurich’s life division, gross written premiums, policy fees and insurance deposit for the year came to $33.45 billion, compared with $33.24 billion the year before.
The company proposed a dividend of CHF19 per share from CHF18 per share in 2017.
Zurich said it is on track to meet its target of $1.5 billion in net savings by 2019, having already reached $1.1 billion in cumulative net cost savings.