SingaporeAugust 8, 2024

Zurich in Asia Pacific reports continued growth; consistent focus on customer-led strategy delivers strong results

Zurich Asia Pacific today reports its half-year results for the period ended 30 June 2024. Continued focus on improving customer satisfaction drives top and bottom-line growth.


Financial and operating highlights:

  • Zurich in Asia Pacific achieves Business Operating Profit (BOP) of USD 260 million, up 9% (like-for-like) on the prior year.
  • Strong topline momentum drives overall Gross Written Premiums (GWP) of more than USD 3 billion across Property & Casualty (P&C) and Life Protection lines.
  • Robust performance in the Asia Pacific Life business delivers double-digit profitability and premium growth, with BOP up 21% (like-for-like) and Present Value of New Business Premiums (PVNBP) up 17% (like-for-like) compared to first half of 2023.
  • Continued strong growth in the P&C business, with Insurance Revenues up 10% (like-for-like), led by Retail premiums which saw double-digit growth (like-for-like) versus half year 2023.
  • Asia Pacific customer satisfaction1 tops previous record high, supporting strong growth in customer numbers and increasing the regional customer base to more than 12 million.
  • Entry into India through the majority acquisition of Kotak General Insurance expands regional presence.  

Tulsi Naidu, APAC CEO, Zurich Insurance Group said: “Over the past few years, Zurich in Asia Pacific has consistently invested in enhancing our customer delivery through improved products, advanced digital technology, and a simpler, better customer experience. Today’s results reflect the systematic approach we are taking. Looking ahead, we are well-positioned to continue the robust development of the Asia Pacific business, expanding our scale and presence in strategic high-growth markets and segments.”

Zurich’s Life business in Asia Pacific delivered a strong performance during the first half of the year, with double-digit growth in BOP and premiums. Life PVNBP of USD 1,408 million grew 17% (like-for-like) compared to the first half of 2023, supported by continued high sales volumes in Japan reflecting the strength of our Retail protection propositions in the market. Life BOP for the region came in at USD 114 million, up 21% (like-for-like), driven by favorable experience in Australia and higher contractual service margin (CSM) amortization.

The regional P&C business demonstrated continued growth with GWP up 9% (like-for-like) to USD 1,847 million in the first half of 2024. Growth was driven by a solid performance across all lines of business with a particularly strong outcome in Retail, which has been a core component of Zurich’s strategy in the region. Overall P&C Insurance Revenues stood at USD 1,746 million in the first half of 2024, up 10% year-on-year (like-to-like). Strong topline momentum across markets, led by Malaysia, Indonesia and Hong Kong and favorable investment income across the region contributed to a strong underlying result in P&C. The business reported a stable Combined Ratio of 93.7%, reflecting a strong performance. 

In June, Zurich completed the strategic majority stake acquisition of Kotak Mahindra General Insurance Company Limited ("Kotak General Insurance"), marking the Group’s entry into one of the world’s fastest growing insurance markets. The Kotak General Insurance business, which has been growing at 40% in recent years, is one of the fastest growing general insurers in the sector and brings in a large new customer base to Zurich. With India's general insurance market set for substantial growth across both Retail and Commercial lines, Zurich is poised to support the development of the sector with differentiated services, strong underwriting capabilities and digital delivery of propositions.

In the first half of 2024, Zurich in Asia Pacific saw a marked improvement in customer satisfaction, increasing its Transactional Net Promoter Score (TNPS) to deliver another record high in the region. Technology continues to play an important role in enhancing the customer experience, with claims processes being further streamlined through greater automation and straight through processing (STP), providing a more simplified and efficient experience for customers. Alongside this, updated new business journeys for customers and distributors in Indonesia, Japan, and Australia, and strengthened use of data and insights empowering service staff to provide effective support have contributed to the TNPS uplift. Since the start of 2024, Zurich in Asia Pacific has acquired 511,870 net new customers, a substantial increase from the 375,000 net new customers reported during the same period last year. In Asia Pacific, Zurich now serves more than 12 million customers2. 

Zurich continued to advance its digital partnership strategy in the region through Zurich Edge, establishing several new collaborations with prominent brands. Notable partnerships announced since the start of the year include Tesla in Australia, GXBank and AEON (two of the five digital banks in Malaysia), Hutchison Telecom in Hong Kong, and Ponta in Japan. Over the last 12 months, Zurich Edge has added more than 40 digital partners with access to more than 100 million customers across markets. The Zurich Edge platform enables partners to build a competitive advantage and deepen customer engagement by providing progressive, digitally powered insurance solutions precisely when and where they are needed.


For further information, please contact:
Zurich Insurance Group
Bhavna Hemlani
bhavna.hemlani@hk.zurich.com

1 As measured by transactional net promotor score

2 Excludes customer base in India from the recently closed acquisition of a majority stake in Kotak General Insurance 

Zurich Insurance Group (Zurich) is a global multi-line insurer serving people and businesses in more than 200 countries and territories. Its customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. With a rich heritage spanning more than 150 years, Zurich has established itself as a trusted partner in managing risks and providing innovative insurance solutions. A balanced and diversified global business, with industry-leading capital levels, Zurich’s solid financial position gives confidence to our stakeholders, reassuring our customers that we will be there when they need us to handle their claims and positioning us to invest in future growth. The company’s resilient business model, together with a clear strategy focused on customers, innovation, and simplification, positions it well to generate sustainable value for all its stakeholders.

In Asia Pacific, Zurich Insurance Group operates leading businesses in Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia and Singapore. As one of the biggest foreign insurers in the region, Zurich serves more than 12 million customers in Asia Pacific, and is a market-leader in the Motor, Accident & Health, and Travel lines. In addition to providing a wide range of property and casualty, and life insurance products and services, Zurich in Asia Pacific offers prevention services such as those that promote wellbeing and enhance climate resilience. Further information is available at www.zurich.com.  

Further information
The information provided in this document refers only to the half-year results of Zurich in Asia Pacific for the period ended June 2024. The Zurich Insurance Group Half-year report and supplemental financial information is available on Zurich’s website.

Disclaimer and cautionary statement
Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich in Asia Pacific. Forward-looking statements include statements regarding targeted profit, return on equity targets, expenses, pricing conditions, dividend policy and underwriting and claims results, as well as statements regarding the Group’s understanding of general economic, financial and insurance market conditions and expected developments. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and plans and objectives of Zurich in Asia Pacific to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of a global economic downturn, in the financial services industries in particular; (iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; (viii) increased litigation activity and regulatory actions; and (ix) changes in laws and regulations and in the policies of regulators may have a direct bearing on the results of operations of Zurich in Asia Pacific. Zurich undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Persons requiring advice should consult an independent adviser.


This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction.