Zurich’s Greco confident about future despite drop in net income

Zurich’s group CEO Mario Greco states he is confident in the company’s performance despite year end results showing a slight dip in net income for 2018.

Net income before income taxes fell slightly to $5.11 billion in 2018 from $5.12 billion in 2017.

However, the company's consolidated results showed net written premiums and policy fees rose to $41.2 billion in 2018 up from $41.1 billion a year earlier.

Property and casualty net written premiums and policy fees fell to $26.4 billion in 2018 from $26.5 billion the year before. Although the business operating profit for P&C increased 35 percent to $2 billion in 2018 from $1.5 billion a year earlier driven by “improved underlying underwriting performance in a challenging environment”, the results statement said.

Greco said: “We are very pleased with the excellent progress achieved in 2018 in executing our customer-led strategy. We set challenging goals and are delivering against them. We have continued to strengthen our profitability and lower costs while growing our business, expanding our global footprint and broadening our range of innovative solutions to meet the changing needs of customers. This performance gives us great confidence as we enter the next phase of our development over the year ahead.”

The detailed Annual Report 2018 will be published on March 8 2019.

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