Zurich UK is hailing a “strong H1 result” after posting operating profits of £235m for the six months ending 30 June.
It comes as Zurich revealed its Property and Casualty business achieved “strong premium growth” in H1 reaching £1.5bn which is up 17%. It added that the top-line performance is “significantly ahead” of last year, with positive contributions from each business area.
It also said it benefited from the hard market across Commercial and its “impressive” Combined Ratio of 80.8% from benign weather and low levels of large loss.
In addition, its Life and savings protection annual premium equivalent (APE) of £81m is up 17% from £69m in H1 2020.
This was off the back of life and savings protection new business value (NBV) improving to £38m from £17m in H1 2020, reflecting improving margins across its Retail and Zurich Corporate Risk businesses.
Zurich said a total of £930m has been paid out in claims across all business areas in the UK.
Tim Bailey, CEO of Zurich UK, said: “We continue to be there for our customers and I’m proud to see this reflected in our highest ever transactional net promoter score. We continue to grow top line and our business operating profits are at £265m for the first half – a strong first half result.
“The team at Zurich has shown exceptional commitment and resilience. I’d like to thank my colleagues across the UK business for their ongoing contribution to our success.”