Business

Zurich UK earnings soar in full-year results

Insurance group Zurich UK has reported a 59% increase in earnings to £413m, up from £260m in 2018, for the full-year period ended December 2019.

Gross Written Premium (GWP) also increased by 4% to £2.4m during the period, up from £2.3m in 2018.

Additionally, Life and Savings Protection Annual Premium Equivalent (APE) increased to £114.9m, a 25% increase on the prior year, and the firm reported Business Operating Profits (BOP) of £271m, an increase of 97%.

Zurich’s UK CEO, Tulsi Naidu, said: “Zurich UK has delivered an excellent performance in 2019, contributing strongly to Zurich’s overall global results. Earnings have increased by 59% to £413 million, with a doubling of operating profits in general insurance and robust growth in life and savings.

“This strong performance has been driven by our strategic repositioning in the UK. Over the last three years, we have simplified the business, and enhanced our products, technical capability and customer service.”

She added: “I am very proud that we have achieved this shift in performance by creating a progressive and inclusive workplace, and being engaged with the communities we operate in. Today, we look forward to the future with confidence.

“We have a clear strategy, are committed to our customers, distributors and the communities we operate in, and will continue to build Zurich’s business in the UK.”

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