(RTTNews) - Zurich Insurance Group (ZURVY) reported Thursday that its nine-month Property & Casualty or P&C gross written premiums increased 8 percent to $34.59 billion from last year's $32.09 billion. The growth was 9 percent on a like-for-like or LFL basis.
P&C insurance revenue grew 9 percent on a reported and LFL basis from last year to $31.42 billion, driven by strong growth in commercial and retail insurance, supported by rate increases of 6 percent
In the first nine months, Life Present value of new business premiums or PVNBP went up 21 percent on a reported basis and 23 percent on LFL basis to $12.17 billion.
The company recorded PVNBP growth in EMEA, Asia Pacific and Latin America.
Farmers Exchanges gross written premiums grew 2 percent from last year to $20.64 billion.
George Quinn, Group Chief Financial Officer, said, "We maintained momentum in the third quarter, delivering continued top-line growth following a very strong first half of the year and a great start to the new financial cycle. This makes us confident that we'll be able to finish the year strongly and achieve our financial targets for 2023-2025."
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