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Switzerland’s biggest insurer raised its dividend for 2017 by 6%. (Photo: Bloomberg)

(Bloomberg) – Zurich Insurance Group AG overcame a record year for natural-disaster claims in the industry to deliver its first dividend increase since 2011. The shares rose the most since August 2016.

Switzerland’s biggest insurer raised its dividend for 2017 by 6% to 18 Swiss francs ($19.10) a share, after signaling higher investor payouts in November. This will now become the new floor for payouts, Chief Executive Officer Mario Greco said in a Bloomberg TV interview Thursday. Zurich Insurance also announced a share buyback of roughly $1 billion.

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