ZURICH (dpa-AFX) - Zurich Insurance Group AG (ZURVY) on Thursday reported that its nine-month Property & Casualty or P&C gross written premiums increased 3 percent to $27.26 billion from last year's $26.44 billion.
On a like-for-like basis, gross written premiums increased 3 percent with strong growth in commercial insurance and further improvement in rates
Growth was driven by Europe, Middle East and Africa (EMEA) and North America.
P&C claims related to COVID-19, net of reduced claim frequency, were unchanged at approximately $450 million as at September 30, 2020
Life annual premium equivalent or APE fell 19 percent to $2.57 billion from last year's $3.17 billion. Sales were down 8 percent on a like-for-like basis.
However, life business saw a return to growth in the third quarter despite ongoing challenges for face-to-face distribution channels. Life APE was up 7 percent on a like-for-like basis.
Farmers Exchanges gross written premiums in the nine months fell 3 percent on a reported and LFL basis to $15.28 billion, including $311 million customer rebates in the first half-year.
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