Zurich Insurance Sets New Cost-Savings Goals

Zurich Insurance, a Switzerland-based insurance company, has confirmed its mid-term targets and announced new cost-savings goals ahead of its investor day meeting.

2023-to-2025 Goals Intact

Zurich Insurance has affirmed its goals for the years 2023 to 2025. These goals include:

• Business operating profit return on equity of over 20%
• Earnings per share growth of 8%
• Solvency ratio of at least 160%
• Cash remittances exceeding $13.5 billion

Farmers Exchanges Targeting Improvement

Farmers Exchanges, a service-provider of Zurich Insurance's wholly-owned subsidiary Farmers Insurance, has set its sights on achieving a combined ratio of approximately 99% by 2024. Additionally, they aim to reach a surplus ratio of 35%. Zurich Insurance believes that more favorable market conditions will allow them to achieve a surplus ratio within the range of 34% to 38% for the business, after finishing 2023 at 28.4%.

Group-Wide Cost Reduction

As a part of its overall strategy, Zurich Insurance is committed to reducing costs across the group. They are targeting an expense ratio of under 10% by 2025.

The investor update meeting for Zurich Insurance will take place at 11:00 GMT on Thursday.