Zurich Insurance Group AG (ZURVY) Q4 2024 Earnings Call Transcript

Zurich Insurance Group AG (OTCQX:ZURVY) Q4 2024 Results Conference Call February 20, 2025 9:00 AM ET

Company Participants

Mitchell Todd - Head of Investor Relations
Mario Greco - Chief Executive Officer
Claudia Cordioli - Chief Financial Officer

Conference Call Participants

Andrew Sinclair - BofA Global Research
Andrew Baker - Goldman Sachs
Michael Huttner - Berenberg
Andrew Crean - Autonomous Research
Kamran Hossain - J.P. Morgan
William Hawkins - KBW
Will Hardcastle - UBS
Dominic O’Mahony - BNP Paribas Exane
Vinit Malhotra - Mediobanca
Fahad Changazi - Kepler Cheuvreux
Marcus Rivaldi - Jefferies

Mitchell Todd

Good afternoon, everybody, and welcome to Zurich Insurance Group's Full Year 2024 Results Q&A Call. On the call today is our Group CEO, Mario Greco; and Group CFO, Claudia Cordioli. Before I hand over to Mario for some introductory remarks, just a reminder for the Q&A, we kindly ask you to keep to a maximum of two questions, please.

Mario, over to you.

Mario Greco

Thank you very much, Mitch, and good afternoon, everyone, and thank you for joining us today and for your continued interest in Zurich Insurance Group. Before Claudia and I will take your questions, I'd like to provide you with a brief overview of our financial year. This has been an excellent year for the group with the results -- are outpacing our original 2023-2025 financial plan. And in turn, this lays a strong foundation for our ambitious 2027 financial objectives, which we presented at our recent Investor Day. We approach this new financial cycle confidently, having now successfully navigated our last three plans.

Now I'd like to draw your attention to three significant achievements in our 2024 results, a record group BOP of $7.8 billion, up 5% year-over-year, reflecting strong business momentum. We generated a core ROE of 24.6%, an increase of 1.6 percentage points from 2023, demonstrating our