Zurich UK reports record customer satisfaction levels alongside a 39% increase in profit

Financial and operating highlights

• Zurich UK achieves a 39% increase in its Business Operating Profit reaching £570m
• This is supported by a strong Property and Casualty trading performance with an overall Combined Operating Ratio of 91.7%, an improvement of 2.1% on 2023
• Positive performance in the Life business delivers Business Operating Profit of £159m
• Customer and distributor satisfaction scores reach a record high across the business¹
• Continued support for customers and communities with over £2bn paid in claims across the UK and more than £2m donated to our communities by Zurich Community Trust

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. At the same time, we’ve continued to build on the outstanding customer and broker satisfaction scores achieved last year. This is a real demonstration that people want to place their business with us and receive great service as a result.

“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.”

Property and Casualty

• Gross Written Premium (GWP) up 4% to £3,879m from £3,742m in 2023
• Combined Ratio (COR) of 91.7% vs 93.8% in 2023
• Business Operating Profit (BOP) of £411m vs £262m in 2023, up 57%

Property and Casualty (P&C) maintained strong growth across all target segments with a 4% increase in GWP. The business has seen good progress in its retail division following the realignment of the partnership strategy and personal lines portfolio. Retail has continued its focus on broker and customer propositions alongside its growth strategy across mid-market, SME and High Net Worth customers which remains a key focus in 2025.

Life

• Life Protection Gross Written Premium of £973m, up 8% from £901m in 2024.
• Life Protection New Business Value (NBV) of £1,133m, up 5% from £1,080m in 2023.
• Business Operating Profit of £159m, up 7% from £149m in 2023.

An 8% increase in GWP in the Life business which is a result of the growth in both the Retail Protection and Zurich Corporate Risk businesses, both of which are supported by strong retention. The business maintained its solid underlying performance, seeing significant top line growth bolstered by a strong investment performance.

Notes to editors:

¹As measured by TNPS (transactional net promoter score) which is currently 73.5 across the business, up from 64.8 in 2023.