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News Release May 12 , 2021 Zurich first quarter update - A strong start to the year Property & Casualty ( P & C ) gross written premiums up 14 % with growth of 9 % on a like - for - like¹ basis driven by strong growth in commercial insurance and further improvement in pricing ● Life new business value up 21 % on a like - for - like¹ basis driven by favorable business mix ; year - to - date APE sales down 4 % on a like - for - like¹ basis Farmers Exchanges² gross written premiums 4 % higher Continued delivery on customer - focused strategy , with approximately 300,000 net new retail customers added in first quarter Capital position very strong with Swiss Solvency Test ratio estimated at 201 % ³ as of March 31 , 2021 Z ZURICH " The Group has made a strong start to the year and remained on track with its strategy and financial plans in the first quarter , " said Group Chief Financial Officer George Quinn . " During the quarter , the Group has taken full advantage of the hard pricing conditions in the commercial business to deliver strong growth and further improvements in the underlying underwriting performance of the P & C business . In Life , the Group's focus on growing higher - margin products , rather than simply increasing volume , has continued to support the performance of the business , while the Farmers Exchanges returned to growth even before the addition of the MetLife P & C business at the start of the second quarter . These trends , together with our very strong balance sheet , allow us to look forward to the remainder of the year with great confidence . " Key figures in USD millions , for the three months ended March 31 , unless otherwise stated P & C gross written premiums ( GWP ) Life annual premium equivalent ( APE ) Farmers Exchanges ² GWP SST 3,5 2021 11,032 919 5,332 201 % 2020 9,678 958 5,136 182 % Change4 in USD 14 % ( 4 % ) 4 % 19ppt Change ¹ like - for - like 9 % ( 4 % ) 4 % n.a.