Mario Greco has told has told shareholders the group will see better results after a disappointing 2015.
Zurich Group new chief executive Mario Greco has told shareholders that the group will see better results after a disappointing 2015.
In his first public address since taking over as group boss Greco said: “Based on what I have seen so far and on what I know of Zurich I am confident that we will be able to improve shareholders returns and group profitability.”
Greco, who replaced Martin Senn after he left suddenly in December, has joined his former employer following a difficult 2015 for the insurer.
The insurer has suffered a double-whammy of a ballooning cost base and worsening claims performance on large losses.
The combined operating ratio jumped 17.9 percentage points to a loss-making 109.5% (2014: 91.6%).
The losses in the UK came as the group announced a 53% drop in profit and thousands more job cuts.
The UK losses were almost exclusively caused by the estimated $275m (£189.8m) of claims from the storms and flooding in the UK and Ireland as well as a series of large individual claims, including the fire at stately home Clandon Park.
Shares also fell 17% last year, the stock’s worst performance since 2008, in response to a sluggish performance in the GI business and back-to-back quarterly profit warnings, Reuters reports.
In his speech to shareholders Greco said his three priorities were gaining a deeper understanding of the root causes of Zurich’s under performance, restoring confidence in the company and positioning the group for the future.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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