Zurich: first-quarter results as expected

(CercleFinance.com) - Zurich said it booked a "solid" top-line performance in the first quarter, with property and casualty (P&C) premiums up 7% like-for-like, mainly driven by growth in Europe and North America.


Europe's fifth-biggest insurer said it had a "resilient" solid start to the year with pricing remaining favourable, as its life business performed well, even relative to a very strong first quarter in 2019.

Covid-19 related claims in 2020 are expected to remain within the group's earnings risk tolerance, it added.

Its scenario suggests so far that P&C claims could total approximately 750 million dollars over the full year, of which 280 million dollars has been recognised in the first quarter.

Its shares are down 0.7% in morning trading on Thursday, albeit significantly better than the European insurance sector index, which is down 2.4%.

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