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Insurer Zurich beats expectations with 19 per cent profit jump

Posted on August 10, 2018, 1:00 am
44 secs

Swiss insurer Zurich beat market expectations for the first-half of the year today with net profit rising 19 per cent to $1.79bn (£1.39bn).

The insurer was ahead of the $1.72bn net profit predicted by analysts in a poll by Reuters.

Read more: Lloyds snaps up £15bn Zurich workplace pensions arm

Zurich said it was on track to deliver on its 2017 to 2019 financial targets with approximately $900m in cost savings achieved to date out of a target of $1.5bn.

Philip Kett an equity analyst at Jefferies International said Zurich "appears on track to deliver the expected turnaround".

Kett argued that in the light of its results "further dividend increases look increasingly achievable".

Chief executive Mario Greco said: “Our businesses are showing great resilience and improved profitability despite challenging market conditions. At the midpoint of our three-year plan, we stand well on track to achieve all indicated targets by the end of 2019. And we are progressing fast in the implementation of the strategy we launched in November 2016.”

Read more: Zurich completes deal to cover £2bn of National Grid pension liabilities

In February Zurich acquired Australian insurer QBEs Latin American business for $409m.

Zurichs share price rose by 0.3 per cent today to 301.5 Swiss Francs.

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Insurer Zurich beats expectations with 19 per cent profit jump

Posted on August 10, 2018, 1:00 am
44 secs

Swiss insurer Zurich beat market expectations for the first-half of the year today with net profit rising 19 per cent to $1.79bn (£1.39bn).

The insurer was ahead of the $1.72bn net profit predicted by analysts in a poll by Reuters.

Read more: Lloyds snaps up £15bn Zurich workplace pensions arm

Zurich said it was on track to deliver on its 2017 to 2019 financial targets with approximately $900m in cost savings achieved to date out of a target of $1.5bn.

Philip Kett an equity analyst at Jefferies International said Zurich "appears on track to deliver the expected turnaround".

Kett argued that in the light of its results "further dividend increases look increasingly achievable".

Chief executive Mario Greco said: “Our businesses are showing great resilience and improved profitability despite challenging market conditions. At the midpoint of our three-year plan, we stand well on track to achieve all indicated targets by the end of 2019. And we are progressing fast in the implementation of the strategy we launched in November 2016.”

Read more: Zurich completes deal to cover £2bn of National Grid pension liabilities

In February Zurich acquired Australian insurer QBEs Latin American business for $409m.

Zurichs share price rose by 0.3 per cent today to 301.5 Swiss Francs.

[contf]
[contfnew]

CityAM

[contfnewc]
[contfnewc]

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