Zurich boss Mario Greco talks before investor meeting
Zurich boss Mario Greco expects improved rates will help hit targets.
In a statement before the investor meeting, he said the firm was well on track with its 2017 to 2019 target.
“The recent events are a reminder of rising risk costs, and we expect that the impact of the events will lead to an improving price trend. This will further boost our ability to deliver on the targets for 2017-2019,” he said.
Zurich is also on track to cut $1.5bn of the group’s costs between 2017 and 2019. So far, the insurer has made $550m cumulative savings, Greco said.
Greco said the firm was beating targets, with business operating profit after tax return on equity at 12.5% for the six months ending June 30.
Zurich’s UK business
In other reports, Zurich is undergoing a boost in UK rates, accroding to its chief financial officer.
It comes as Zurich is reportedly plotting a sale of its personal lines broker Endsleigh.
Zurich has owned the business since 2006 when it acquired the 60% it didn’t own from the National Union of Students.
Since then, there has been a shift in the thinking as UK insurers sell or shut their brokers.
Groupama has sold Carole Nash and AXA Bluefin.
Meanwhile, Ageas closed down its loss-making retail broking arm earlier this year.
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