Swiss insurer Zurich boosted its Asia Pacific profits in 2022 to record levels while adding nearly half a million new customers in the region.
Zurich posted $631 million of Asia Pacific business operating profit in 2022, according to a release, up 19 percent year-on-year, marking the region’s strongest result of all time.
The Swiss insurer’s property and casualty (P&C) units saw $300 million of annual profit, up 27 percent, with an 18 percent increase in gross written premiums to nearly $3.5 billion. The life insurance business registered a 3 percent profit increase to $331 million – also an all-time high for the region.
Customer Boost
Overall, Zurich managed to increase its customer base by 445,900 in APAC in 2022, citing «customer experience improvements, together with strong demand through affinity and bancassurance partnerships» as drivers.
«2022 was not an easy year with COVID-19 related pressures still in play in a number of markets, the strength of the dollar, and significant weather events in Australia,» said Zurich APAC chief executive Tulsi Naidu.
