Zurich Insurance’s Full-Year Profits Surges, Launches Buyback

Zurich Insurance Group AG’s operating profit beat estimates and announced a buyback program of up to 1.1 billion Swiss francs ($1.3 billion).

The profit rose to $7.4 billion in 2023, above analyst estimates, and resulted in the insurer’s highest ever return on equity at 23.1%, with positive momentum expected to continue, the company said in a statement on Thursday. The results were driven by growth in Zurich’s commercial insurance business and record performance in its life business unit.

“I expect this positive momentum to continue and to achieve earnings-per-share growth above 10% over the cycle,” Chief Executive Officer Mario ...