Gross written premiums in the property and casualty business were up 14 percent in the first quarter in U.S. dollar terms, the company in a statement on Wednesday. On a like-for-like basis, they were up 9 percent. 

Growth was driven by higher premium rates in commercial insurance, which the insurer managed to drive through in spite of the pandemic.

New Retail Clients

In the life business, Zurich focused on high-margin products, with the new business margin rising more than eight percent to 31.8 percent although gross premiums fell 4 percent. 

The Farmers Exchanges business in the U.S. returned to growth, adding about 300,000 new retail customers.

«The group has made a strong start to the year and remained on track with its strategy and financial plans in the first quarter,» chief financial officer George Quinn said.