Zurich Insurance Lifts Dividend After 2022 Business Operating Profit Rose
09 February 2023 - 5:39PM
Dow Jones News
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 cecilia.butini@wsj.com
(END) Dow Jones Newswires
February 09, 2023 01:24 ET (06:24 GMT)
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