Interim report
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News Release August 12 , 2021 Ad hoc announcement pursuant to Art . 53 of the Listing Rules Z ZURICH Historic performance in challenging times Group business operating profit ( BOP ) rises 60 % to USD 2.7 billion ; Property & Casualty ( P & C ) combined ratio at 93.9 % , lowest in more than 20 years P & C BOP more than doubles to USD 1.6 billion despite elevated losses from extreme weather ; gross written premiums ( GWP ) up 16 % Life BOP rises 44 % to USD 802 million on higher fee revenue and investment results ; annual premium equivalent ( APE ) sales up 14 % Farmers Exchanges² gross written premiums up 16 % including acquired MetLife business and 7 % like - for - like³ More than 600,000 net new retail customers added in first half Net income attributable to shareholders up 86 % to USD 2.2 billion ; very strong capital position with Swiss Solvency Test ( SST ) ratio at 206 % 4 Group remains on track to achieve 2022 targets Zurich Insurance Group ( Zurich ) reported a strong rebound in profit for the first half of 2021. Strong underlying eamings and a reduced impact from COVID -19 more than compensated for higher losses from extreme weather events . Group Chief Executive Officer Mario Greco said : " We achieved outstanding results in the first six months of 2021 with profits back to the levels of 2019 , when we reported our best first half in a decade . This is a remarkable achievement considering the elevated natural catastrophe losses in the period and the ongoing public health crisis . Our first - half performance is the result of the focused execution of our strategy , with contributions from all parts of the business . Our combined ratio in property and casualty insurance , now at its lowest in more than 20 years , is testament to the improvements made to underwriting since 2016. And we added more than 600,000 retail customers during a period of continued uncertainty and restrictions related to the pandemic . In our Life business , margins improved as we continued to focus on protection and capital - light savings products , while the Farmers Exchanges 2 benefited from efforts to diversify and strengthen distribution channels .