Swiss insurance company Zurich today posted its highest first-half profits since the financial crash of 2008 and its second highest profits ever.
The insurer said its business operating profits increased 25 per cent compared to last year to long-term highs of $3.393bn.
The uptick in Zurich’s profits, which saw it second best results ever, came on the back of a 32 per cent uptick in profits from the Swiss insurer’s property and casualty business.
The 32 per cent uptick, as a result of higher premiums and lower weather and natural catastrophe related claims, saw profits from Zurich’s property and casualty division jump to $2.055bn.
The higher profits were however partially offset by a $51m loss from Zurich’s hedge fund portfolio due to the “adverse financial markets”.
Profits from Zurich’s life insurance business also increased 13 per cent, to $903m, as a drop in Covid-19 claims in the insurer’s Europe, Middle East, and Africa business offset financial market losses.
A higher number of Covid claims in the Asia-Pacific region however led to a drop in Zurich’s profits from its Asia-Pacific life insurance business.
The drop came as the spread of the Omicron variant led to an increase in hospitalisations in Japan.
A drop in the number of natural catastrophes also bolstered Zurich’s profits from its farmers insurance business.