The group maintained strong growth momentum in 2022 and the first half of 2023, reflecting its diversified multiline, non-life, and life insurance operations and its position as a leader in global commercial insurance. ZIC has achieved further efficiency gains while maintaining topline growth through a combination of price increases--especially in commercial property--and some hardening in its motor business in Europe. New business additions in its commercial and retail lines provided further support. The group's net income declined to US$4.9 billion in 2022, 9.3% lower than 2021, reflecting significantly lower investment gains, some disposal losses from its Italy divestment, and exceptional costs from hyperinflation in Latin America. The group's return on equity (ROE) increased to 14.7% in 2022 from 13.7% in
