Zurich UK has seen life protection gross written premiums (GWP) climb 8%, according to its full-year results for the year to 31 December 2024.
The insurer posted life protection gross written premium of £973m in 2024, up 8% from £901m in 2023.
Zurich attributed the increase to growth in both its retail protection and corporate risk businesses, both of which were supported by “strong retention”.
It added the business maintained its solid underlying performance, seeing “significant” top line growth bolstered by a strong investment performance.
It also recorded life protection new business value (NBV) of £1,133m, up 5% from £1,080m in 2023 and business operating profit of £159m, up 7% from £149m in 2023.
UK pushes international growth
Across the globe, protection gross premiums increased 7% on a like-for-like basis to US$8.7bn, driven by growth in EMEA (Europe, Middle East and Africa), Asia Pacific and Latin America.
Within EMEA, growth was driven by captive employee benefits solutions and by UK group and individual protection.
In Latin America, growth was mainly driven by Brazil and Mexico, while Asia Pacific benefited from higher sales in Japan and Australia.
Protection new business premiums across the group rose 6% on a like-for-like basis to US$5.7bn, driven by growth in EMEA, most notably in the UK and Switzerland, the insurer said.
Insurance revenues for short-term protection products also increased 7% on a like-for-like basis, driven by sales growth in Latin America.
Overall business operating profit rose 5% to $7.8bn from $7.4bn.
Excellent growth
Drazen Jaksic, CEO of Zurich UK, said: “In the last 12 months we’ve achieved excellent growth across all areas, making a strong contribution to Zurich’s overall global results.
“It’s great to join such a strong business. Our 2024 achievements put us in a great place to deliver even more in 2025 and beyond, and we have a great team in place to make that happen.
“We will continue to be there for our customers and partners and I’m really looking forward to working closely with the UK team in 2025 to build and grow our business.”
