Zurich Asia Pacific new business premiums up 43% in H1

Commercial premiums grew 11% whilst retail premiums were up by 17%.

Zurich Asia Pacific achieved double-digit growth in its premiums for the first six months of 2023, the insurer’s latest financial results showed.

Commercial premiums grew 11% during the period, whilst retail premium grew 17%, thanks to strong development in Australia and Indonesia. In total, new business premiums (PVNBP) grew substantially at 43% on a like-for-like basis, Zurich APAC said.

The combined ratio is 93.4%, a marginal deterioration from FY22, which reflects additional claims and commission costs, according to Zurich Asia Pacific.

Business operating profit (BOP) is $250m, and with more than 385,350 new retail customers added across Australia, Hong Kong, Indonesia, Japan, and Malaysia. The number of new customers is already over 80% of Zurich APAC’s total new retail customers onboarded in 2022.

Zurich APAC also saw strong trading performance with Property and Casualty (P&C) top-line growth being 15%, attributed to high volumes in the retail mtoor and travel lines, as well as continued momentum in the commercial business.

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Zurich’s P&C business in Asia Pacific achieved strong premium growth in the first  six months of 2023 – up 15% (like-for-like). This was driven by high volumes in the  retail motor and travel lines and continued momentum in the Commercial business.

Its Life and Savings business also grew by 43%. Zurich particularly highlighted its life business in Japan, which it said delivered a “standout” performance, with PVNBP growing fourfold (300%)

“Zurich in Asia Pacific has delivered an excellent trading  performance in the first half of 2023, achieving double-digit premium growth, and  contributing strongly to Zurich’s overall global premium development,” said Tulsi Naidu, Asia Pacific CEO for Zurich Insurance Group, commenting on their latest financial performance update.

“This solid delivery is a product of disciplined execution against a proven and robust strategy” Naidu added.