Zurich UK reports strong growth with overall profit of £411m and record customer satisfaction levels

Financial and operating highlights

• Zurich UK achieves overall Business Operating Profit of £411m in 2023.
• Strong Property and Casualty trading performance with top line growth of 9% and an overall Combined Operating Ratio of 93.8%.
• Positive performance in the Life business delivers Business Operating Profit of £149m.
• Customer and distributor satisfaction scores reach a record high across the business1.
• Continued support for customers and communities with over £2.3bn paid in claims across the UK and more than £2.5m donated by Zurich Community Trust which celebrated its 50th year.

Tim Bailey, CEO of Zurich UK, said:

“We’re pleased with the performance of the business over the last year, delivering growth and profitability across all areas while also achieving our highest ever customer and broker satisfaction scores¹.

“Our P&C business continued to perform well, achieving 9% top line growth, with a solid performance in core target portfolios. Last year saw an even greater focus on our broker service with the launch of Club Blue, the expansion of our regional office network into Leeds, Southampton and Bristol, and the refresh of our mid-market proposition.

“The Life business had a very positive year, with growth in market share which reflects the strength of Retail Protection and Zurich Corporate Risk. This strong performance is supported with initiatives such as the relaunch of our Critical Illness proposition.

“Our overall consistent profitability has been achieved thanks to the hard work and dedication of our teams, as well as our commitment to our broker partners across the country. This year, we will build on this strong performance with a continued focus on our target growth areas.”

Property and Casualty

• Gross written premium (GWP) up 9% to £3,724m from £3,467m in 2022.
• Combined ratio (COR) of 93.8% vs 94% in 2022.
• Business operating profit (BOP) of £262 million vs £261 million in 2022.

P&C maintained good growth across all target segments with a 9% increase in GWP. The business continued its focus on broker and customer propositions, with the mid-market refresh and further expansion into the regions. P&C saw a Current Accident Year Combined Ratio 92.9%, a 0.9 percentage point improvement on the previous year.

Life

• Life Protection Gross written premium of £901m
• Life protection new business value (NBV) of £1,080m.
• Business operating profit of £149m.

A strong increase in GWP in the life business which is a result of the growth in both the Retail Protection and Zurich Corporate Risk businesses. The business maintained its strong underlying performance, seeing significant top line growth supported by a strong investment performance.

¹As measured by transactional net promoter score.