The group benefits from the strong dollar.
(Photo: imago/Horst Galuschka)
Zurich The Zurich Insurance Group wants to distribute money to its shareholders after the sale of old life insurance portfolios via a share buyback program. “Zurich is planning a share buyback of CHF 1.8 billion (equivalent to EUR 1.85 billion) to offset the expected dilution of profits from the agreed sale of the legacy life insurance policies in Germany,” the insurer said on Thursday.
Europe’s fifth-largest insurer increased its profit by one percent to $2.2 billion in the first half of the year. Zurich did not perform as well as analysts had expected, who had expected an average profit of just under $2.5 billion.
Among other things, the group referred to the strength of the group currency, the dollar, which reduces income in other currencies. Zurich remains on track to exceed all of its financial targets for the 2020-2022 period.
More: The gap between strong and weak life insurers is widening
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