Zurich reaches new protection market peak

Zurich has recorded its highest quarterly protection market share as part of an overall growth in its IFA presence.

The results are part of a strong annual performance by the provider's UK Life arm that saw total new premiums (on an APE basis) climb 24% to £622m.

Its value of new business grew 54% to £94m after tax, the new business margin was up to 15% and its operating profit for 2010 also rose 29% to £233m.

The provider achieved its protection market high-water mark in the third quarter when it achieved a 7.7% share of the sector, up from 5.3% during the same period in 2009.

Commenting on the results, Michael Brennan, CEO of Zurich UK Life, said he was particularly pleased with the growth in its IFA protection market offering.

"It is particularly encouraging that our APE growth of 24 per cent came from a strong performance across the majority of our distribution channels, and the IFA sector continued to fare well with solid underlying increases across most product areas," he added.

The provider recently revealed it was considering closing five branches with the loss of 120 staff.