, APAC
/Freepik

Zurich Group's BOP jumps 21% YoY, APAC business soars

The APAC business also announced a partnership with India-based Kotak Mahindra Bank.

Zurich Asia Pacific reported an operating profit (BOP) of $565m, jumping 18% year-on-year (YoY).

Life and Savings business witnessed strong trading performance, with new business premiums (PVNBP) growing to $2,939m, a 44% increase YoY.

Property & Casualty (P&C) segment saw double-digit growth in Gross Written Premiums (GWP), reaching $3.6b, up 11% from 2022.

The APAC business’ customer satisfaction reached a record high, with the customer base expanding by 7% to 11.7 million customers.

In the life business, significant double-digit growth was observed, driven by higher sales in Japan and increased volumes of corporate business in Australia. 

The P&C business also experienced robust growth, propelled by retail travel and motor lines, as well as new business momentum in the Commercial segment.

Group-wide growth

Zurich Insurance Group, likewise, saw its BOP skyrocket 21% YoY to $7.4b in 2023 with a record-high return on equity (ROE) of 23.1%.

Zurich's net income attributable to shareholders rose by 10% to $4.4b, with earnings per share up 12% in USD and 20% on an adjusted basis.

All of Zurich's businesses contributed to the strong results. The life business achieved a record BOP of $2.1b, driven by strong growth in new business premiums. 

The P&C segment saw double-digit premium growth, with a combined ratio of 94.5%.

Commercial Insurance demonstrated strong returns with a BOP contribution of $3.6b and a combined ratio of 91.4%.

ALSO READ: Zurich HK partners with Hutchison Telecommunications for travel insurance

The company aims to achieve compound annual growth in earnings per share (EPS) exceeding 10% for the period 2023-2025.

“Zurich now expects compound annual growth in 2023-2025 earnings per share (EPS) to exceed 10%. This compares with the target of 8%, which was established at the 2022 Investor Day.” the company said in a statement.

Partnership with Kotak Mahindra Bank

Additionally, Zurich announced a strategic alliance with Kotak Mahindra Bank in India, intending to acquire a majority stake in Kotak Mahindra General Insurance Company. 

This move signals Zurich's entry into one of the fastest-growing insurance markets globally, representing a significant investment in the Indian insurance sector.

Follow the links for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Markel targets professional indemnity market in Australia
Head of professional and financial risks, Kym Beazleigh, explains the game plan in Markel’s strategic expansion.
Insurance
Natural disasters steer Asia Pacific towards parametric insurance
Swiss Re gives importance to parametric insurance amidst challenges like basis risk and modelling complexities.
InterContinental Singapore is saving insurance for a rainy day
NUS Professor Charoenwong discusses the effectiveness and value of a Singaporean hotel’s rain insurance offer.