Zurich Insurance 2018 Net Profit Rose

Source: Dow Jones | Published on February 7, 2019

Zurich, Switzerland - August 30, 2013: Logo of the Zurich insurance company on the rooftop of the group's headquarters in Zurich, Switzerland.

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.