Zurich APAC’s GWP jumps 9% YoY, group profit surges 21% YoY

Its life business in the region saw double-digit growth.

Zurich Insurance Group's Asia Pacific operations saw its business operating profit (BOP) of $260m, marking a 9% year-on-year (YoY) increase compared to the prior year. 

Its gross written premiums (GWP) surpassed $3b across property & casualty (P&C) and life protection lines.

The life business in the region saw double-digit growth in both profitability and premiums. 

The BOP for the life segment rose by 21% YoY, while the present value of new business premiums (PVNBP) increased by 17% YoY compared to the first half of 2023. 

This growth was particularly strong in Japan, driven by high sales volumes and the success of Zurich’s Retail protection propositions.

The P&C business also demonstrated continued growth, with insurance revenues up by 10% YoY, driven by robust performance across all lines, particularly in retail. 

The business reported a GWP of $1,847m for the first half of 2024, a 9% YoY increase, supported by strong topline momentum in key markets such as Malaysia, Indonesia, and Hong Kong. 

The P&C segment also maintained a stable Combined Ratio of 93.7%, reflecting a solid overall performance.

The group

Group-wide, Zurich Insurance reported a BOP of $4.0b, marking a 7% YoY increase and setting a new record for the company. 

This growth has led to the highest-ever return on equity (BOPAT ROE) of 25.0%. 

The net income attributable to shareholders also rose significantly, up 21% YoY to $3.0b.