Zurich: UK earnings up 59%

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Zurich: UK earnings up 59%

Zurich 2019 results have revealed that overall UK earnings grew 59% - from £260m to £413m - last year.

Its life and savings protection annual premium equivalent (APE) increased 25% to £114.9m and its general insurance gross written premium grew 4% (to £2,480m).

According to the insurer, its life & savings business operation profit reached £142m - 15% ahead of the £123 million reported for 2018 - and retail protection annual premium increased by 17%.

We are now a stronger, more focused and customer-centric business"

Its new life & savings protection new business also increased - to £42.2m - 46% up on the previous year.

'Solid'

Zurich's UK CEO Tulsi Naidu, said: "This strong performance has been driven by our strategic repositioning in the UK. Over the last three years, we have simplified the business, and enhanced our products, technical capability and customer service. We are now a stronger, more focused and customer-centric business, and this is paying off with improvement across all our key financial and strategic measures."

She added: "I am very proud that we have achieved this shift in performance by creating a progressive and inclusive workplace, and being engaged with the communities we operate in. Today, we look forward to the future with confidence. We have a clear strategy, are committed to our customers, distributors and the communities we operate in, and will continue to build Zurich's business in the UK."

Group protection

The insurer added that corporate risk business was also "strong" in 2019.

Group life protection delivered a 9% increase in customers - to 1.7 million UK workers covered - while group income protection also achieved an 11% customer increase.

Tulsi Naidu added: "Our life & savings results are solid and have been driven by the continued success of the retail protection proposition, which has transformed our standing in the sector. Our products - which allow customers to adapt their benefits and cover at different life stages, and which reflect the range of complex, real world situations people now face - have fuelled a 17% rise in retail protection sales."

Naidu said Zurich welcomed 100,000 new retail protection customers on its platform last year. "Going forward, we will continue to make it easy for advisers and customers to do business with us," she said. "We will also focus on sustaining our outstanding claims record, which shows how we are there for people at what is often the most difficult time in their life."

 

This article was first published by Cover, a sister title to International Investment

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