Zurich Insurance Lifts Dividend After 2022 Business Operating Profit Rose

By Cecilia Butini

Zurich Insurance Group AG on Thursday reported increased business operating profit for 2022--which it said was the highest since 2007--and proposed a 9% dividend increase.

The Swiss insurer posted business operating profit of $6.45 billion for the year, up from $5.74 billion the year prior, though net income dropped to $4.60 billion from $5.20 billion, it said.

The drop in net income was mainly due to a lower level of capital gains, net losses on divestment of businesses, and hyperinflation charges in the Latin American business, Zurich said.

Nonetheless, the company said it exceeded all financial targets for the 2020-22 cycle, and proposed a dividend increase of 9% to 24 Swiss francs ($26.06) a share.

For 2023, Zurich said it expects property and casualty commercial insurance margins to expand, while rate continues to moderate throughout the year. Gross written premiums in the Farmers Exchanges business are expected to grow in the low-single digits, the insurer said.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

February 09, 2023 01:24 ET (06:24 GMT)

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