Zurich reports strong 2022 performance, ambition to accelerate customer-focused strategy
Zurich - Zurich Insurance Group (Zurich) has today published its 2022 Annual Report, outlining the strength of the Group’s financial performance, strategy, business structure and corporate governance. It also includes non-financial metrics in the integrated sustainability disclosure (ISD).
The Group says its Annual Report details how it delivered very strong profits for the full year 2022 – with the highest business operating profit since 2007. It also describes its journey at the end of the second three-year financial cycle of the strategy to transform into a simpler, more innovative and customer-centric organization.
The Group said the ISD reports on the progress made toward sustainability ambitions and includes a scenario-based climate risk assessment, which confirms the resilience of its strategy. The Group reported a strong customer retention rate of 83% in core retail markets and 85% in Property & Casualty commercial insurance.
Revenues from sustainable solutions, which include products and services that have a positive environmental or social impact, increased from USD 289 million in 2021 to USD 566 million in 2022 across the regions, it said, adding that investment in climate solutions like solar and wind farms rose 6% to USD 8.7 billion. The Group said it also saw an increase in the internal hire ratio of 3 percentage points to 71%, while 29% of senior management are female, compared to 26% in 2021.
“The future remains uncertain, but our business is incredibly resilient due to the strength, flexibility and resourcefulness of our people,” said Michel M. Liès, Chairman of the Board of Directors. “We have always proactively addressed environmental and societal concerns through our philanthropy, internal policies and ESG strategy. I am confident these traits will serve us well in the years ahead.”
Group Chief Executive Officer Mario Greco added: “The Annual Report describes how we delivered on our targets for the 2020-2022 cycle despite an extremely challenging environment. We achieved an industry-leading total shareholder return and continuously supported our customers and communities by adapting rapidly to changing circumstances. I am immensely proud of our employees for what we have achieved and how we achieved it.”
Zurich also said it had launched a new online sustainability highlights hub that replaces the annually published Sustainability Report.
You can download the full Annual Report.
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