Zurich’s Asia Pacific operations saw significant growth in fiscal year 2024, with property and casualty (P&C) gross written premiums (GWP) rising by 12% year-on-year (YoY), reaching $3.96 billion.
The retail segment also performed well, with retail GWP increasing by 16% YoY. Additionally, the company’s P&C Business Operating Profit (BOP) surged 21% YoY to $343 million, and the Combined Operating Ratio improved by 0.7 percentage points to 92.9%.
Key factors driving this growth included higher sales in retail motor and travel insurance, as well as expansion through digital and partnership channels. Zurich also made strategic market developments in Australia, Singapore, and Hong Kong.
In the Life insurance segment, Zurich reported a 4% YoY increase in gross premiums to $2.8 billion. However, BOP for Life insurance declined by 10% YoY due to a one-off pricing impact in Australia in the previous year.
Zurich has continued to tailor new business propositions to meet evolving market demands. The total claims paid across both P&C and Life segments amounted to $2.75 billion, and customer satisfaction reached a record high, with the company’s TNPS score rising by 13% YoY.
Related topics
