Zurich APAC sees 12% boost in P&C premiums for FY 2024

Growth was supported by higher retail motor and travel sales.

Zurich’s Asia Pacific operations saw its property & casualty (P&C) gross written premiums (GWP) climbing 12% year-on-year (YoY) to $3.96b during the fiscal year 2024 (FY 2024).

Likewise, retail GWP increased 16% YoY. P&C Business Operating Profit (BOP) grew 21% YoY to $343m, with a Combined Operating Ratio improving by 0.7 percentage points to 92.9%. 

Growth was supported by higher retail motor and travel sales, expansion in digital and partnership channels, and strategic market development in Australia, Singapore, and Hong Kong.

The Life business reported a 4% YoY increase in gross premiums to $2.8b, whilst BOP declined 10% YoY due to a non-recurring pricing impact in Australia in the prior year. 

Zurich continued to develop new business propositions tailored to evolving market demands.  

Total claims paid across both P&C and Life reached $2.75b, whilst customer satisfaction levels hit a record high, with the TNPS score rising 13% YoY.