Key figures highlights for Q1 of 2019 (compared to Q1 2018, like-for-like comparison)
- P&C gross written premiums(GWP): USD 9,177 million (+4%), of which:
- EMEA: USD 4,986 million (+4%)
- North America: USD 3,142 million (+1%)
- Asia Pacific: USD 717 million (+15%)
- Latin America: USD 750 million (+12%)
- Life annual premium equivalent (APE): USD 1,183 million (+2%), of which:
- EMEA: USD 762 million (-10%)
- North America: USD 54 million (+56%)
- Asia Pacific: USD 56 million (+6%)
- Latin America: USD 311 million (+33%)
- Farmers Exchanges GWP: USD 5,189 million (+1%)
- Z-ECM: 125% (+1 pp., 124% in Q1 2018)
Gross written premiums in Property & Casualty (P&C) for the first three months of 2019 increased 4% on a like-for-like basis, with growth across all regions. In U.S. dollar terms gross written premiums declined 2% mainly as a result of currency movements and the previously announced disposal of the ADAC business in Germany. In the first quarter of 2019, the Group saw price increases of around 2%.
Life new business annual premium equivalent (APE) volumes increased 2% on a like-for-like basis during the quarter, with a decline of 6% on a reported basis due to exchange rate movements of key currencies against the U.S. dollar.
The Farmers Exchanges, which are owned by their policyholders, continued to deliver top-line growth and make consistent progress across their key strategic priorities. In the first quarter of 2019, gross written premiums from continuing operations increased 2% from the prior year period, with growth across all books of business. The surplus ratio improved further to 41.2%, the highest level recorded in recent years, providing a strong foundation for future growth.
George QUINN, Group Chief Financial Officer, said:
"We are pleased with the strong development of the Group over the first quarter of the year, underlining our focus on delivering on our strategy and financial plans. We expect to meet or exceed all our targets this year. (...) P&C pricing trends have improved in the first quarter and the Group's Life business continues to perform strongly. Farmers Exchanges2 are also delivering on their key strategic priorities, positively impacting our fee income. The Group is well-positioned to meet the growing expectations of customers in the digital era and continues to strengthen its customer and partnership propositions by adding new distribution agreements."