Zurich Insurance Group has announced its business operating profit (BOP) for 2020 plummeted to £3bn, a year-on-year decline of 20%.
The group attributed the downturn to both the large impact of Covid-19 and higher catastrophe losses.
Meanwhile, the firm experienced a spike in catastrophe losses, which rose to £425m higher than 2019 levels.
However, the group remained positive, highlighting a 7% increase to its property and casualty gross written premiums.
Mario Greco, CEO at the company, said: “Our results confirm the strength of our business, the agility of our people and the timeliness of our digital strategy.
“We kept our business fully operational throughout the year and our actions underlined our strong sense of social responsibility.”
He added: “Our business performed well, with strong growth in commercial insurance. And we continued to execute against strategic priorities.”