Zurich in Asia Pacific has released its financial performance, delivering strong results for the full year ended 31 December 2024. Disciplined execution across markets ensured robust growth and profitability with high levels of customer satisfaction.
Zurich Insurance Group CEO APAC Tulsi Naidu said, “This is a pleasing set of results for our APAC business. The stellar performance across P&C reflects consistent growth across our markets, supported by pricing and underwriting improvement. Our Life business results remain broadly in line with an exceptional 2023 result and the ongoing proposition development has driven new launches in a number of our markets in the first half of 2025. We continue to extend the growth potential of the business, with our expansion into India, our investment in commercial insurance underwriting, extensive proposition development and record customer satisfaction levels across the region.”
Zurich’s Asia Pacific P&C business saw BOP grow 21% like-for-like to $343m and GWP increased by 12% like-for-like. This was driven by strong growth across all lines of business and markets, especially retail motor and travel. The Asia Pacific Life business saw a 4% increase in life gross premiums, a marginal 2% decline in PVNBP and a 10% decline in BOP on a like-for-like basis, with the BOP reduction reflecting a favourable non-recurring impact from re-pricing actions in Australia in the prior year.
The Asia Pacific Life business saw a 4% increase in life gross premiums, a marginal 2% decline in PVNBP and a 10%decline in BOP on a like-for-like basis, with the BOP reduction reflecting a favourable non-recurring impact from repricing actions in Australia in the prior year. These results reflect strong technical management of the in-force portfolio and continued development of new business propositions that address both the market opportunities and evolving customer needs across Asia Pacific.