Latest news with #ClaudiaCordioli
Reuters
07-08-2025
- Business
- Reuters
Zurich Insurance posts higher operating profit, does not expect tariff hit
Aug 7(Reuters) - Zurich Insurance (ZURN.S), opens new tab reported a 6% rise in its first-half operating profit on Thursday as individuals and businesses continued to spend on insurance policies amid concerns over severe weather-related catastrophes. Shares in Zurich Insurance have underperformed peers this year due to the Swiss group's high exposure to the United States and the weakened U.S. dollar, analysts have said. Higher inflation in the U.S. risks leaving the company exposed to a hike in claims costs in its operations in the country while a weaker dollar pushes up the cost of its dividends, which are paid in Swiss francs. In a post-earnings call with journalists, CEO Mario Greco said that while he was "confused" by U.S. tariff announcements, he did not see an impact on the insurer's business. Shares of Zurich Insurance were up 2% in pre-market trade as of 0606 GMT. Europe's third-largest insurer by market capitalisation said its operating profit was $4.2 billion in the first six months of 2025, slightly above analysts' average estimate of $4.14 billion provided by the company. At its core property and casualty (P&C) business, which accounts for roughly a half of the company's earnings, operating profit grew 9% year-on-year, beating analysts' expectations. North America is Zurich Insurance's single largest market, responsible for more than half of the P&C segment's operating earnings. Chief Financial Officer Claudia Cordioli said in the call that should inflation go up again, insurance prices would adapt. "There will be also more investments ... in the U.S. as a result of (tariffs), which is beneficial for us as a construction underwriter," she added.
Reuters
08-05-2025
- Business
- Reuters
Zurich Insurance property and casualty revenue rises, affirms targets
May 8 (Reuters) - Zurich Insurance (ZURN.S), opens new tab reported higher first-quarter revenue and gross written premiums at its core property and casualty (P&C) business on Thursday, maintaining its targets despite instability in the crucial U.S. market. Europe's third-largest insurer by market capitalisation said in a statement that rate increases of 4%, strong profitability in commercial and improved retail margins supported growth. Oddo and Vontobel analysts said the results were solid but the latter noted that some investors might be concerned about the company's exposure to the United States and the dollar's weakness following President Donald Trump's often confusing rollout of tariffs. Chief Financial Officer Claudia Cordioli told reporters on a call after the results that "there's no indication whatsoever" the turmoil in U.S. markets will lead the insurer to step back from its targets. "We have a significant presence in the U.S., but so do we in Europe, in Asia... The fact that we are translating business written in Europe or in Asia into dollars is actually a positive on our earnings because obviously that's translating into a higher income in U.S. dollar," she said. The United States is Zurich Insurance's single largest market, accounting for more than 40% of the P&C business. Late last year, the insurer said it was aiming for a core return on equity of more than 25% between 2025 and 2027 and for cumulative cash generation of above $19 billion. It posted P&C insurance revenue of $10.7 billion in the first quarter, above last year's $10.2 billion, while gross written premiums in the branch grew 5% year-on-year. Zurich also said it saw natural catastrophe losses with a combined ratio impact of 3.2%, up from 1.6% a year earlier, noting that this was driven by losses from the California wildfires for which it estimated in February a pre-tax impact of $200 million. Excluding the impact from the wildfires, the first quarter "has been unusually benign when it comes to weather losses and catastrophe losses", Cordioli said. Finnish insurer Sampo ( opens new tab also said on Wednesday that favourable weather-related claims prompted a smaller-than-expected drop in quarterly profit.
