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Asia-Pacific lifts Zurich P&C business

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Zurich’s property and casualty arm reported a 5% rise in first-quarter gross written premium (GWP), with strong Asia-Pacific business offsetting declines in North America.

Overall property and casualty GWP grew to $US9.33 billion ($12.4 billion) from $US8.92 billion ($11.8 billion) a year earlier.

“We are pleased with the development of our businesses in the first quarter… in P&C we remain focused on profitability,” CFO George Quinn said.

The Asia-Pacific business performed best in the March quarter, with GWP up 15% to $US628 million ($834 million).

Latin America GWP grew 11% to $US684 million ($909 million), and Europe, Middle East and Africa increased 9% to $US5.33 billion ($7.08 billion). North America was the only region to decline, with GWP down 5% to $US3.11 billion ($4.13 billion).

Zurich has not provided profit figures for the March quarter.