Home Business Zurich Insurance Group posts Q1 2021 results

Zurich Insurance Group posts Q1 2021 results

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In Europe, Middle East and Africa (EMEA), meanwhile, GWP increased 5% on a like-for-like basis while premium rates increased by 11% in commercial insurance compared with 5% in the prior-year period. Retail insurance GWP was up modestly year-on-year, due to improved new business and stable retention and premium rates.

In Asia Pacific, GWP declined 1% on a like-for-like basis compared with Q1 2020 as lower sales in travel insurance due to COVID-19 restrictions were only partially offset by growth in Japan and Malaysia. In Latin America, gross written premiums increased 5% on a like-for-like basis, benefiting from growth in commercial insurance and Zurich Santander.

In Q1 2021, life new business annual premium equivalent (APE) decreased 4% on a like-for-like basis from Q1 2020 to US$919 million, which Zurich stated reflects the lower sales in corporate life and pensions and annuity products, while…

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