Zurich in Asia Pacific has posted Business Operating Profit (BOP) of $260m for 1H2024, up by 9% on the corresponding half in 2023, the group says in a statement.
Strong topline momentum drives overall Gross Written Premiums (GWP) of more than $3bn across Property & Casualty (P&C) and Life Protection lines.
Life insurance business
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. BOP increased by 21% to $114m, driven by favourable experience in Australia and higher contractual service margin (CSM) amortisation. Present Value of New Business Premiums (PVNBP) was up by 17% to $1,408m, compared to the first half of 2023.
P&C business
The regional P&C business demonstrated continued growth with GWP up 9% to $1,847m in the first half of 2024. Growth was driven by a solid performance across all lines of business with a particularly strong outcome in Retail, which has been a core component of Zurich’s strategy in the region.
Overall P&C Insurance Revenues stood at $1,746m in the first half of 2024, up 10% year-on-year. Strong topline momentum across markets, led by Malaysia, Indonesia, and Hong Kong and favourable investment income across the region contributed to a strong underlying result in P&C. The business reported a stable Combined Ratio of 93.7%, reflecting a strong performance.
India
Zurich’s entry into India through the majority acquisition of Kotak General Insurance expands the group’s regional presence.
In June, Zurich completed the strategic majority stake acquisition of Kotak Mahindra General Insurance. The Indian company’s business, which has been growing at 40% in recent years, makes it 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.
Ms Tulsi Naidu, APAC CEO of 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.”
Since the start of 2024, Zurich in Asia Pacific has acquired 511,870 net new customers, a substantial increase from the 375,000 net new customers reported during the same period last year. In Asia Pacific, Zurich now serves more than 12m customers.
Digital
Zurich continued to advance its digital partnership strategy in the region through the Zurich Edge platform, 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 100m customers across markets.
In Asia Pacific, Zurich Insurance Group operates in Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia and Singapore.