Zurich Insurance Group has announced its financial targets for the 2020-2022 period.

The multi-line insurer will target a business operating profit after tax return on equity in excess of 14% and increasing over that period. Organic growth in earnings per share is expected to reach 5% a year.

The group also aims to deliver cumulative cash remittances in excess of £8.9bn, while maintaining an economic capital model ratio of 100% to 120%.

Group chief executive officer, Mario Greco said that the firm’s performance over the past three years shows that its strategy is working.

“Our rapid progress is reflected in a total shareholder return of 96% since the start of 2016,” he commented.

“We have empowered employees to drive change and given our younger generation a stronger voice in shaping our culture and innovative programs such as our Zurich Innovation Championship for start-ups.”

The firm also said it will shift its focus and investments towards innovation, including smart services and more flexible product offerings. These innovations will be designed to meet the evolving needs of consumers who increasingly live with connected ecosystems.

“We will build on our achievements to further transform insurance, using technology to meet changing needs and create rewarding experiences,” Greco continued.

The strategic partnership with online platform for SME insurance, CoverWallet, is to be expanded across Europe. The group will continue to invest in data and analytics and digital tools to support its distribution partners.

Last week, the insurer announced a 2% rise in nine month P/C GWP, putting it on track to beat its targets.

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