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The company also announced new cost-saving initiatives, aiming to reduce group expenses to achieve an expense ratio under 10% by the end of the target period. This strategy is part of Zurich’s ongoing effort to enhance profitability and shareholder returns.
In addition, Farmers Exchanges, an entity affiliated with Zurich’s wholly-owned Farmers Insurance subsidiary, is targeting a combined ratio close to 99% and a surplus ratio range of 34%-38% in 2024. These targets come after concluding 2023 with a combined ratio of 28.4%. The planned surplus ratio reflects the company’s strategy to decrease volatility in its operations.
Zurich Insurance also reiterated its commitment to achieving an 8% earnings per share (EPS) growth target, which it attributes to various factors including property and casualty (P&C) top-line growth, improved retail margins, life insurance line growth, and the turnaround of Farmers Exchanges. Disciplined expense management and efforts to manage volatility are also cited as key drivers for this EPS growth.
The insurer plans to consolidate its leadership in commercial insurance and expand its presence in the middle market. As part of its strategic progress updates, CEO Mario Greco and CFO George Quinn will be presenting at an event in London with breakout sessions focusing on three key profit contributors: Farmers, Switzerland, and Germany.
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