Zurich Portugal grows across all segments as HQ announces record results

Zurich Portugal has “continued to grow across all segments” according to its CEO Helene Westerlind. In 2023 Zurich Portugal was in 6th place in the ranking of the largest insurers in Portugal with a market share of around 5% and premiums of €574 million issued that year.

The reaction came over the weekend as the Swiss insurer Zurich Group achieved a record US$7.8Bn business operating profit for 2024 – up 5% on the previous year.

According to the results published by the insurance group, the growth was made possible by a strong momentum across all business lines, the highest business operating profit (BOP) ever recorded in the property and accidents business, and Life; as well as a reduction of the combined ratio of insurer Farmers Exchanges.

In the Life business, BOP increased by 8% compared to 2023, breaking the record of US$2.2Bn. Gross premiums written rose in lines that require little initial investment to move forward, reaching $29.6Bn, with the unit-linked and protective businesses increasing 6% on a like-for-like basis.

The group proposed a dividend of almost €30 per share. Over the past eight years, Zurich has distributed more than €28Bn to its shareholders in cash dividends and share buybacks, contributing to a total shareholder return of 16% per year, Zurich indicates.

In December 2024, solvency stood at 252% (ratio calculated by the internal Swiss Solvency Test model), above the 234% recorded in the same period last year. The group explains the increase by favorable market movements, capital creation in excess of dividend accumulation, as well as a positive impact from the sale of a portfolio of payments to lifetime customers in Chile, and the issuance of US$500 million in subordinated debt in October.

“At Zurich Portugal we also continue to see all our business segments grow as a result of the launch of new Life and Non-Life products and services, the acceleration of our SME proposition and the continued focus and dedication to our customers and partners,” said Helene Westerlind, CEO of Zurich Portugal in a LinkedIn post.