Global insurance group Zurich earned significantly more in 2024, benefiting its shareholders. Another topic of discussion is likely to be a nomination for the Board of Directors.

On Thursday, Zurich Insurance Group (Zurich) kicked off the reporting season for Swiss insurers, presenting strong figures for 2024.

Operating profit increased by 5 percent to $7.75 billion, while net profit soared by one-third to a record-high $5.81 billion, surpassing analysts' expectations. The adjusted return on equity stands at 24.6 percent. In 2024, Zurich recorded cash inflows of $7.1 billion.

All business segments contributed to the success. As in previous years, shareholders have reason to celebrate: the dividend is set to increase by 8 percent to 28 Swiss francs ($31) per share.

Start of a New Cycle

For the current year, CEO Mario Greco is optimistic.

«We continue to see positive premium rate dynamics in the corporate insurance business and a healthy pricing environment in the retail segment. This positions us well at the start of the new cycle, for which we have set our most ambitious targets to date. This underscores both our ability to successfully execute our plans and our commitment to creating consistent, long-term value for all stakeholders,» he said.

Focus on the Next Three Years

Zurich aims for an average annual growth in adjusted earnings per share of more than 9 percent for the period 2025–2027, an adjusted return on equity of more than 23 percent in 2027, and cumulative cash inflows of over $19 billion throughout the three-year cycle.

For comparison: In the previous cycle (2023-2025), the company targeted 8 percent annual earnings per share growth, a return on equity of more than 20 percent in 2025, and cumulative cash inflows of over $13.5 billion.

Former National Bank Chairman Nominated

It was widely expected that Zurich would provide information about CEO Greco’s future, but no mention was made in the report.

Instead, the insurance group surprised the market with the nomination of former Swiss National Bank (SNB) president Thomas Jordan to its board of directors. Zurich stated that his appointment was based on his outstanding career at the SNB. Jordan served as president of the governing board from 2012 to 2024 and was previously its vice president.

Zurich’s Annual General Meeting will take place on 9 April 2025.