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Zurich Insurance plans a dividend increase as premiums rise



(Reuters) – Zurich Insurance plans to increase its dividend, saying it is confident of achieving its 2022 targets after property / accident premiums increased by 11% year-on-year for the first nine months of 2021. [19659002] "It is certainly our intention to increase the dividend, but I can not comment on exactly what will happen for this year," Chief Financial Officer George Quinn told reporters during a conversation.

Europe's fifth largest insurance company already provides 75 returns. % of what it does for investors, he noted, weakening the ability to use its strong balance sheet to also launch stock repurchases.

"It is our preference to try to use the additional capital to actually support the growth of new business, which so "It will eventually support growth in profits, which in turn will support growth in dividends. That is the priority for us," said Mr. Quinn.

was not something that could move the stock up.

Property / accident premiums swelled to $ 31

.15 billion in the first nine months, an increase in dollar terms of 14%.

These premiums continue to benefit from the improvement in the pricing environment and recent damage events are likely to prolong the "hard" market, Quinn said in the results

Major floods in Germany, a number of other weather events in Europe in July and Hurricane Ida in the United States struck during the third quarter. Mr. Quinn said that Ida alone would deliver a hit of $ 450 million and that flood claims would amount to $ 150 million to $ 200 million, as previously predicted.

Zurich made money despite catastrophic losses that are 3 to 4 percentage points higher than the long-term average. ]

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