Zurich Insurance Group today (29 April) confirmed its latest solvency ratio which it described as giving it “outstanding financial strength” in an announcement as part of the publication of its Financial Condition Report 2023
The Group Swiss Solvency Test (SST) ratio was 234% as per January 1, 2024, compared to 267% in the previous year.
This “reaffirmed the strong financial position and robust balance sheet of the Group”, Zurich said, adding that “the reduction reflects the accrual of the 2023 dividend and the planned share buyback of up to CHF 1.1bn, as well as the redemption of €500m of subordinated debt and the acquisition of three brokerage entities and the flood program servicing arm from Farmers Exchanges.”
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The Financial Condition Report is a regulatory disclosure required by law and specified by the Swiss Financial
Market Supervisory Authority FINMA. It provides comprehensive information about the solvency and financial
strength of the Group.
It includes information about business performance, corporate governance, Zurich’s risk profile, valuation for solvency purposes and a description of how the Group manages capital.
The Swiss Solvency Test (SST) ratio as of January 1, 2024, is calculated based on the Group’s internal model, which is subject to the review and approval of the Swiss Financial Market Supervisory Authority FINMA.
Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, provides certain non-claims services and ancillary services to the Farmers Exchanges as its attorney-in-fact and receives fees for its services.
Founded 150 years ago, Zurich Insurance Group (Zurich) is a multi-line insurer serving people and businesses in more than 200 countries and territories.
In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 60,000 employees and is headquartered in Zurich, Switzerland.
Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.
