Zurich Insurance Confirms Mid-Term Targets Ahead of Investor Meeting
November 16 2023 - 2:22AM
Dow Jones News
By David Sachs
Zurich Insurance confirmed its mid-term targets set last year
and set new cost-savings goals ahead of its investor day
meeting.
The Switzerland-based insurance company said Thursday that its
2023-to-2025 goals are intact, including its business operating
profit return on equity goal of more than 20%. It is also targeting
earnings per share growth of 8%, a solvency ratio of at least 160%,
and cash remittances above $13.5 billion.
Farmers Exchanges, a service-provider of the wholly-owned
Farmers Insurance subsidiary, is targeting a combined ratio of
around 99% in 2024, with a surplus ratio of 35%, Zurich said.
Zurich said more favorable market conditions on the horizon aid a
target surplus ratio range of 34%-38% for that business after
finishing 2023 at 28.4%.
Zurich also said it aims to cut costs as a group, targeting an
expense ratio of under 10% by 2025.
The company's investor update meeting takes place Thursday at
1100 GMT.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
November 16, 2023 02:07 ET (07:07 GMT)
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