Zurich Insurance's financial targets are within striking distance as the Swiss insurer holds an investor event. CEO Mario Greco's turnaround strategy is vindicated.
The Zurich-based (and named) insurer is back on track: that is the main message conveyed by CEO Mario Greco when he meets with investors on Wednesday. Zurich said it will be able to lift profits and shareholder returns during its current strategic period, which ends next year.
The insurer confirmed its financial targets for 2019. Zurich’s return on equity stood at 12.3 percent in the first six months, after taxes. By year end, the company wants to have slashed $1.1 billion in spending – and sees itself in striking distance of next year's $1.5 billion targeted cuts.
The insurer achieved the savings with painful measures like withdrawing from some markets, which resulted in hundreds of layoffs. Zurich said it wants to return to growth again – CEO Greco is set to speak on how the insurer plans to do so in Switzerland, North America, Ireland, and Australia at the investor event.
