Zurich’s Asia Pacific business has delivered an overall operating profit of $586m for 2024, up 6% from 2023.
Broken down, Zurich’s Asia Pacific P&C business saw operating profit grow 21% in 2024 to $343 million, while gross written premiums in this segment increased by 12%. According to the firm, this was driven by strong growth across all lines of business and markets, especially retail motor and travel.
“Growth in partnerships and digital channels, as well as comprehensive improvements to customer experience, were highlights,” Zurich added.
The firm went on, “For commercial lines, a focused approach to market development in Australia, Singapore and Hong Kong, alongside investments to strengthen our leadership teams, resulted in significant new business wins and solid retention rates.”
Meanwhile, the Asia Pacific P&C combined ratio improved by 0.7 percentage points to 92.9%, which was reportedly driven by actions pertaining to rate and claims management in the motor and health portfolios, most notably across Japan, Indonesia and Australia.
As for Zurich’s Asia Pacific Life business, there was a 4% increase in life gross premiums, a marginal 2% decline in new business premiums and a 10% decline in operating profit compared to 2023.
As per Zurich, 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.
Tulsi Naidu, APAC CEO, Zurich Insurance, commented, “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.”
Naidu concluded, “We continue to make steady progress in building Zurich’s franchise in Asia Pacific. 2024 saw us deliver excellent results while continuing to invest in our capabilities, ensuring a strong platform for growth as we move into our new three-year cycle.”
