Zurich Insurance Group Ltd (ZURVY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon everybody and welcome to Zurich Insurance Group's first quarter 2025 results Q&A call. On the call today is our Group CEO Mario Greco and our Group CFO Claudia Cordioli. Before I hand over to Claudia for some introductory remarks, just a reminder for the Q&A, we kindly ask you to keep to a maximum of two questions please. Claudia, over to you. Thank you, Mitch. Good afternoon, everyone, and thank you for joining us today. I'm Claudia Cordioli, Group CFO. I'm here with our CEO, Mario Greco. I will first share a brief overview of our results for the first quarter of 2025, after which we will open for questions. Before looking at our individual business lines, the key message I would like to highlight is the solid start Zurich has made to the new financial cycle. Our uniquely diversified footprint focused on delivering sustainable, Quality growth, coupled with strong capitalization and financial resilience, all underpin the current quarter's performance and how we manage the business for the long term. Now, turning to each of the key businesses, I'll start with P&C. I'm pleased to report positive top-line growth with insurance revenue up 6% like-for-like. This compounds a strong prior year comparison where revenues increased 5% in the full year. Aggregate pricing across both retail and commercial lines continued to appreciate this year. Combined with ongoing management actions on the P&C portfolio, which I will touch on later, the quality of growth continues an upward trajectory. In commercial P&C, we continue to grow the business profitably. Gross written premiums grew 2% in U.S. dollars and 4% like for like. with positive pricing momentum of 3% rate increases. North America specifically continued to experience overall rate increases of 6%, with particul...