Zurich Asia Pacific (APAC), part of the global insurance group, has recently announced its results for the full year of 2023. The report highlights significant growth in its Property & Casualty (P&C) sector.
Throughout 2023, the P&C business experienced robust growth, reaching gross written premiums (GWP) of $3.6 billion. This marks an 11% increase compared to 2022, with notable expansions in retail travel and motor insurance lines, as well as ongoing success in attracting new customers in the Commercial segment.
These positive outcomes were attributed to several factors: strong performances in Australia’s personal and mid-market sectors, the introduction of Takaful motor products in Malaysia, the adoption of digital platforms for retail products in Hong Kong, and favourable results in Commercial Insurance Asia.
Tulsi Naidu, Zurich’s APAC CEO, commented on these strong results in 2023 within the Asia Pacific region: “This solid performance is the result of focused execution in each of our markets and the product of ongoing actions to strengthen our platform across the region.”
Additionally, Zurich APAC witnessed growth in its Life business, with full-year business operating profit (BOP) up by 88% compared to the previous year. Life premiums reached almost $3 billion, marking a 44% increase over 2022.
Moreover, customer satisfaction rates are reported at a record high and their customer base increased by 7% to 11.7 million customers.
Regarding Zurich APAC as a whole, the Asia Pacific BOP amounted to $565 million, up $88 million or 18% from 2022.
Yesterday, Zurich reported its Group results, posting record business operating profit.
