The latest from Zurich Asia Pacific, who have published half-year results for the period ended 30 June 2024. There is a continued focus on improving customer satisfaction driving top and bottom-line growth, says the insurer;
Financial and operating highlights:
• Zurich in Asia Pacific achieves Business Operating Profit (BOP) of USD 260 million, up 9% (likefor-like) on the prior year.
• Strong topline momentum drives overall Gross Written Premiums (GWP) of more than USD 3 billion across Property & Casualty (P&C) and Life Protection lines.
• Robust performance in the Asia Pacific Life business delivers double-digit profitability and premium growth, with BOP up 21% (like-for-like) and Present Value of New Business Premiums (PVNBP) up 17% (like-for-like) compared to first half of 2023.
• Continued strong growth in the P&C business, with Insurance Revenues up 10% (like-for-like), led by Retail premiums which saw double-digit growth (like-for-like) versus half year 2023.
• Asia Pacific customer satisfaction1 tops previous record high, supporting strong growth in customer numbers and increasing the regional customer base to more than 12 million.
• Entry into India through the majority acquisition of Kotak General Insurance expands regional presence.
Tulsi Naidu, APAC CEO, Zurich Insurance Group said: “Over the past few years, Zurich in Asia Pacific has consistently invested in enhancing our customer delivery through improved products, advanced digital technology, and a simpler, better customer experience. Today’s results reflect the systematic approach we are taking. Looking ahead, we are well-positioned to continue the robust development of the Asia Pacific business, expanding our scale and presence in strategic high-growth markets and segments.”
Zurich’s Life business in Asia Pacific delivered a strong performance during the first half of the year, with double-digit growth in BOP and premiums. Life PVNBP of USD 1,408 million grew 17% (like-for-like) compared to the first half of 2023, supported by continued high sales volumes in Japan reflecting the strength of our Retail protection propositions in the market. Life BOP for the region came in at USD 114 million, up 21% (like-forlike), driven by favorable experience in Australia and higher contractual service margin (CSM) amortization.
The regional P&C business demonstrated continued growth with GWP up 9% (like-for-like) to USD 1,847 million in the first half of 2024. Growth was driven by a solid performance across all lines of business.
In June, Zurich completed the strategic majority stake acquisition of Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”), marking the Group’s entry into one of the world’s fastest growing insurance markets. The Kotak General Insurance business, which has been growing at 40% in recent years, is one of the fastest growing general insurers in the sector and brings in a large new customer base to Zurich. With India’s general insurance market set for substantial growth across both Retail and Commercial lines, Zurich is poised to support the development of the sector with differentiated services, strong underwriting capabilities and digital delivery of propositions.
Zurich continued to advance its digital partnership strategy in the region through Zurich Edge, establishing several new collaborations with prominent brands. Notable partnerships announced since the start of the year include Tesla in Australia, GXBank and AEON (two of the five digital banks in Malaysia), Hutchison Telecom in Hong Kong, and Ponta in Japan. Over the last 12 months, Zurich Edge has added more than 40 digital partners with access to more than 100 million customers across markets. The Zurich Edge platform enables partners to build a competitive advantage and deepen customer engagement by providing progressive, digitally powered insurance solutions precisely when and where they are needed
Be the first to comment