Zurich Insurance: on track to targets after 'strong' quarter

(CercleFinance.com) - Zurich Insurance Group said on Thursday it recorded a "strong performance" in the first three months of 2017 and that it remains on track to deliver its strategic targets.


The insurer's business operating profit (BOP) reached 928 million dollars in the first quarter, down 13% from the 1,067 million dollars income reported for the same period one year ago.

Excluding Ogden, the group's business operating profit rose 14% to 1,218 million dollars.

As a reminder, earlier this year the UK government changed the discount rate used for calculating personal injury and accident claims, known as the "Ogden" rate.

"This strong start to the year puts us on solid footing to deliver on our 2017-2019 financial targets," said the firm.

The group said it remains on track to deliver its strategic priorities for 2017 to 2019, outlined at the investor day in November 2016, amongst other things, including business operating profit return on equity after tax (BOPAT ROE) that exceeds 12% over the period, on an upward trend.

After these results, Zurich Insurance shares are down 0.9% at 276.9 Swiss francs on the SMI index this morning.

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