Zurich in Asia Pacific Reports Continued Strong Growth and Record Customer Satisfaction in 2024
Zurich in Asia Pacific delivered strong results for the full year ended 31 December 2024. Disciplined execution across markets ensured robust growth and profitability with high levels of customer satisfaction.
- Property & Casualty (P&C) Gross Written Premiums (GWP) of $3.96b up 12% like-for-like driven by retail GWP growing 16% like-for-like
- P&C Business Operating Profit (BOP) of $343m sees double-digit growth of 21% like-for-like and an attractive Combined Operating Ratio (COR) of 92.9%
- Stable Life results with a 4% like-for-like increase in gross premiums to $2.8b and BOP of $243m
- Asia Pacific delivers overall BOP of $586m, up 6% like-for-like (4% actual FX)
- Total claims paid of $2.75b with record high customer satisfaction score
Tulsi Naidu, APAC CEO, Zurich Insurance Group said, “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.”
Zurich’s Asia Pacific P&C business saw BOP grow 21% like-for-like to USD 343 million and GWP increased by 12% like-for-like. 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. 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. The Asia Pacific P&C COR improved by 0.7 percentage points to 92.9% driven by actions pertaining to rate and claims management in the motor and health portfolios most notably across Japan, Indonesia and Australia.
The Asia Pacific Life business saw a 4% increase in life gross premiums, a marginal 2% decline in PVNBP and a 10% decline in BOP on a like-for-like basis, with the BOP reduction reflecting a favourable non-recurring impact from re-pricing actions in Australia in the prior year. 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.
Zurich in Asia Pacific continues to achieve significant dividends from its structured programme to enhance customer experience, as evidenced by the highest-ever TNPS score, up 13% over the prior year. This reflects the dedication and continuing improvement of the front-line teams, who have completed over 17,000 hours of customer mastery and empathy training. Most importantly, we delivered for our customers with claims paid of USD 2.75 billion, across both Life and P&C, throughout 2024.
The Asia Pacific digital business has reported 100% topline growth in 2024, following its launch in H2 2023. Investing significantly in data and AI solutions has enabled the business to improve efficiency, increase revenue and deliver an improved expense ratio.
The combination of all these efforts saw Zurich in Asia Pacific win 2024 Personal Lines Insurer of the Year and 2024 ESG Leader, for the second year running, at the recent Insurance Asia Awards. Zurich China, Hong Kong, Indonesia, Japan, Malaysia and Singapore were certified as ‘Great Places to Work’ during 2024.
Tulsi 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.”
For further information, please contact:
Ben Evetts
Head of Communications & Marketing, Zurich APAC
ben.evetts@zurich.com.sg
Zurich Insurance Group (Zurich) is a leading global multi-line insurer founded more than 150 years ago, which has grown into a business serving more than 75 million customers in more than 200 countries and territories, while delivering industry-leading total shareholder returns.
Reflecting its purpose to ‘create a brighter future together,’ Zurich offers protection services that go beyond traditional insurance, to support its customers in building resilience. Since 2020, the Zurich Forest project supports reforestation and biodiversity restoration in Brazil’s Atlantic Forest.
The Group has more than 63,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.
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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 Insurance Group Ltd or the Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group’s targeted profit, return on equity targets, expenses, pricing conditions, dividend policy, underwriting and claims results, business initiatives (including, but not limited to, sustainability matters), 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, policies, initiatives and objectives of Zurich Insurance Group Ltd or the Group 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, and the possibility of conflict between different governmental standards and regulatory regimes may have a direct bearing on the results of operations of Zurich Insurance Group Ltd and the Group and on whether the targets will be achieved. Zurich Insurance Group Ltd 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.
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