Zurich Insurance announces €1.16bn buyback after record profit

Europe's fifth-largest insurer said operating profit rose 21% to €6.8bn in 2023

Zurich Insurance’s key property and casualty unit saw a slight increase in its operating profit of 7% to $3.9bn Swiss francs (€4.1bn), driven by the increase in insurance revenue and an improvement in investment results.

Zurich Insurance Group AG’s operating profit beat estimates and announced a buyback program of up to 1.1bn Swiss francs (€1.16bn).

Operating profit rose 21% to €6.8bn in 2023, above analyst estimates, and resulted in the insurer’s highest-ever return on equity at 23.1%, with positive momentum expected to continue, the company said in a statement on Thursday. The results were driven by growth in Zurich’s commercial insurance business and record performance in its life business unit.