(Reuters) – Zurich Insurance may exceed its targets for fiscal year 2022 because the business performed well during the covid-19 pandemic, said CEO Mario Greco on Wednesday.
Europe's fifth largest insurance company set ambitious three-year targets in November 2019, including raising its target for the business's operating profit after tax on equity to more than 14% from the previous target of more than 12%.
“We are fully involved in the race to deliver to all shareholders. our goals for 2022. … We can even exceed those goals, "Greco told Reuters Breakingviews in an interview. profitable after excluding COVID-19 from many insurances and raising premiums.
Mr. Greco said that commercial insurance in particular is likely to see strong growth this year, with both rising premium rates and increased demand for coverage.
Traditional markets such as Germany and Switzerland and emerging markets such as Brazil and Indonesia have provided growth opportunities,
But growth does not necessarily come through acquisitions, he added.
"If you need to transform yourself, it is not a good solution to acquire a company that needs transformation. In general, we do not believe that the solution to this is acquisitions, it is to provide customers with what they need. ”
Zurich will report results for the full year 2021