Insurer Zurich could exceed 2022 financial targets, says CEO

LONDON – Zurich Insurance may just exceed its goals for the 2022 financial 12 months as the industry has carried out well through the COVID-19 pandemic, CEO Mario Greco stated on Wednesday.

Europe’s fifth-greatest insurer set out ambitious 3-year objectives in Nov 2019, together with elevating its target for industry running profit after tax return on equity (BOPATROE) to more than 14% from the former objective of greater than 12%.

“We’re absolutely within the race to ship to shareholders all our objectives for 2022… we will even exceed the ones targets,” Greco told Reuters Breakingviews in an interview.

Insurers were gloomy concerning the outlook for the trade when the coronavirus outbreak took cling in early 2020. But they have remained winning after except for COVID-19 from many insurance policies and raising premiums.

Greco stated the commercial insurance business in particular was once likely to see strong enlargement this 12 months, helped each via rising top rate charges and by expanding call for for protection.

Traditional markets equivalent to Germany and Switzerland besides as rising markets equivalent to Brazil and Indonesia supplied expansion opportunities, he mentioned.

But expansion would not essentially come by way of acquisition, he added.

“in the event you wish to transform yourself, obtaining a trade which wishes transformation is not an ideal answer. typically, we don’t suppose the solution to that is acquisition, it’s offering the customers with what they need.”

Zurich will document full 12 months 2021 results on Feb. 10.

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