Zurich UK improves on "all key measures" - Results

Emmanuel Kenning
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Insurer claims "all key measures" have improved in past 12 months.

Zurich UK has reported a 2% rise in gross written premiums to £841m for the first six months of 2014 (H1 2013: £826m).

In addition to growing the business, the provider also delivered an improved combined operating ratio of 95%, a three point improvement on the result in the same period of last year.

The insurer's business operating profit was also better at £88m, up 7% on the comparable period of 2013.

This result, Zurich said, reflects a positive claims experience in its protection business.

Dave Smith, CEO for Zurich's UK general insurance business, commented: "All of our key measures have improved compared to the same position in 2013.

"This has been achieved by an excellent underlying performance, offsetting things like the weather losses in the first quarter, a degree of strengthening in historical long tail liabilities, and unrelenting competition.

Smith continued: "We have seen strong growth in our commercial lines businesses, with growth in personal lines broker business offsetting expected reductions due to us withdrawing Zurich-branded products from aggregator sites. I expect these trends to continue in the second half of the year."

He concluded: "I'm delighted with the progress we are making. Our focus on consistency and sustainability for our customers and brokers mark Zurich out as an excellent long term partner."


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