Zurich Insurance has today reported higher first-quarter gross written premiums for its property and casualty business, as the Swiss company benefited from rising investment in data centres, sending its shares up 4%.
Data centers have mushroomed in the past few years as companies invest heavily in building their artificial intelligence infrastructure.
Zurich Insurance, Europe’s second-largest insurer by market value, reported gross written premiums for its property and casualty business, its largest segment, of $15.6 billion for the January-March period, up 8% on a like-for-like basis.
The group is on track to reach or exceed its 2027 targets, its chief financial officer Claudia Cordioli said in a statement.
Zurich Insurance said it aimed for a core return on equity of more than 23% between 2025 and 2027, and for cumulative cash generation, exceeding $19 billion during the same period.
The group’s results echoed those of its French peer, Axa and Munich-based Allianz, with both reporting higher revenue for their property and casualty segments.
Zurich Insurance said it expects no material impact on its performance from the Middle East conflict.
The company said it was still reviewing options for its German life insurance portfolio, including a potential sale.
“This is a book that we’ve been looking to sell over the last few years because of the interest rate tail risk that it poses,” Cordioli said in a post-earnings management call.
Zurich Insurance has been talking with potential acquirers, but the company does not rule out keeping the business, as balance-sheet risks have fallen, she added.
