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.
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