Swiss insurer Zurich reported higher operating profit in Asia in the first half of six months of the year, driven by top-line growth momentum.
Zurich Asia Pacific recorded $260 million in business operating profit (BOP) in the first half of 2024, according to the insurer's financial results, up 9 percent year-on-year.
This was driven by strong top-line momentum with $3 billion in grown written premiums across property and casualty (P&C) as well as life protection lines. The life business saw BOP rise 21 percent while the P&C business posted a 10 percent increase in insurance revenues.
India Entry
Moving forward, Zurich will look to further deepen its presence in Asia following its acquisition of a majority stake in India’s Kotak General Insurance. According to the firm, Kotak General Insurance’s business has been growing at 40 percent in recent years and is one of the fastest growing general insurers in the sector.
«Over the past few years, Zurich in Asia Pacific has consistently invested in enhancing our customer delivery through improved products, advanced digital technology, and a simpler, better customer experience,» commented Zurich Insurance Group’s APAC CEO Tulsi Naidu.
«Today’s results reflect the systematic approach we are taking. Looking ahead, we are well-positioned to continue the robust development of the Asia Pacific business, expanding our scale and presence in strategic high-growth markets and segments.»
