Thursday 13 February 2020 10:24 am

Zurich Insurance’s strong performance aided by its UK business

Zurich Insurance Group’s stellar performance was boosted by a strong showing by its UK business, Zurich UK.

UK earnings were up 59 per cent to £413m from £260m in 2018. 

General insurance gross written premium increased 4 per cent to £2.5bn from £2.4bn in 2018. 

In its general insurance business, business operating profit grew 97 per cent to £271m. Gross written premium increased 4 per cent to £2.5bn, supported by growth in new business and retention. 

The company continued to enhance its claims proposition, introducing new digital portals for motor and property claims. Zurich UK said it is also developing new ‘preventative’ digital solutions to help customers manage their risks. 

Zurich UK’s chief executive Tulsi Naidu said: ““This result is a product of the improvements we have made across every aspect of our General Insurance business over the last few years – combining a real emphasis on technical excellence with improvements in customer service, simplified processes and digital capabilities.” 

Zurich UK’s life and savings profit grew 15 per cent, which Naidu said had been “driven by the continued success of the retail protection proposition.” 

The results mark a strong contribution to the Zurich Group results announced earlier today. 

The company posted a 16 per cent rise in business operating profit to $5.3bn, while net profit rose 12 per cent to its highest level since 2010. 

Zurich proposed raising its dividend to 20 Swiss francs per share, below market expectations of 20.51 francs, according to Refinitiv data.

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