Zurich Insurance Confirms Mid-Term Targets Ahead of Investor Meeting

By David Sachs

Zurich Insurance confirmed its mid-term targets set last year and set new cost-savings goals ahead of its investor day meeting.

The Switzerland-based insurance company said Thursday that its 2023-to-2025 goals are intact, including its business operating profit return on equity goal of more than 20%. It is also targeting earnings per share growth of 8%, a solvency ratio of at least 160%, and cash remittances above $13.5 billion.

Farmers Exchanges, a service-provider of the wholly-owned Farmers Insurance subsidiary, is targeting a combined ratio of around 99% in 2024, with a surplus ratio of 35%, Zurich said. Zurich said more favorable market conditions on the horizon aid a target surplus ratio range of 34%-38% for that business after finishing 2023 at 28.4%.

Zurich also said it aims to cut costs as a group, targeting an expense ratio of under 10% by 2025.

The company's investor update meeting takes place Thursday at 1100 GMT.

Write to David Sachs at [e-mail]

(END) Dow Jones Newswires

November 16, 2023 02:07 ET (07:07 GMT)

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