Zurich Insurance Group achieved its best earnings results in more than a decade, supported by its property and casualty (P&C) business.

The insurer reported last week overall business operating profit increased 35% to $US5.7 billion ($8 billion) last year from 2020 and net profit 36% to $US5.2 billion ($7.3 billion), the highest since 2007.

It says growth was driven by an underlying improvement across all businesses and reduced covid-related claims, which more than offset higher levels of natural catastrophe and weather-related claims.

P&C business operating profit advanced 50% to $US3.1 billion ($4.3 billion) and the combined ratio improved 4.1 percentage points to 94.3%, its lowest level in the past 15 years.

Zurich says the better combined ratio showing was driven by an underlying increase in underwriting profitability as higher prices fed into the results.

“Zurich has delivered the strongest performance in a long time, demonstrating the strength of our franchise, the quality and commitment of our people, and the benefits of repositioning the business in recent years.” Group CEO Mario Greco said.

P&C gross written premium and policy fees grew 13% to $US40.12 billion ($56.2 billion), the first time that that it has crossed the $US40-billion ($56 billion) mark.

The insurer says all regions contributed to growth including Australia, which benefitted from a partial recovery of travel insurance as well as commercial insurance.

Zurich says the net non-technical loss narrowed to $US183 million ($256 million) from $US302 million ($422 million) and includes $US30 million ($42 million) in losses from Cover-More, its global travel insurance and assistance provider arm. Cover-More recorded a $US46 million ($64 million) loss in 2020.