Zurich has reported a 12% rise in full-year net income to $US4.14 billion ($6.2 billion), lifted in part by a strong showing from its property and casualty (P&C) arm.

The P&C unit achieved a business operating profit of $US2.88 billion ($4.3 billion), up 38% from 2018, while gross written premium and policy fees grew 2% to $US34.18 billion ($50.8 billion).

The combined ratio improved 1.4 percentage points to 96.4%.

“Top-line growth improved sequentially over the year driven by hardening pricing and underlying growth, with current pricing trends expected to continue throughout 2020,” Zurich says.

“In 2020 the group expects to deliver further improvement in the underwriting performance as the benefits of portfolio shifts, lower expenses and price increases in excess of loss cost inflation earn through.”