Zurich’s Asia Pacific Business Achieves Notable Growth in 2024
In 2024, Zurich’s Asia Pacific operations have reported a commendable operating profit totaling $586 million, marking a 6% increase from the previous year. This growth is primarily attributed to the performance of Zurich’s Asia Pacific Property & Casualty (P&C) division, which saw its operating profit surge by 21% to $343 million, while the gross written premiums in this sector climbed by a noteworthy 12%.
According to the company, this progress has been fueled by robust expansion across all business lines and markets, with retail motor and travel insurance being particularly strong performers. Zurich highlighted that the growth in partnerships and digital channels, together with significant enhancements in customer experience, were pivotal to this success.
For the commercial insurance segment, a strategic focus on market development in regions such as Australia, Singapore, and Hong Kong, combined with investments to bolster leadership teams, led to significant new business acquisitions and maintained solid retention rates.
Meanwhile, the Asia Pacific P&C combined ratio experienced an improvement of 0.7 percentage points to 92.9%. This enhancement was largely driven by effective rate and claims management strategies in the motor and health sectors, particularly in Japan, Indonesia, and Australia.
In contrast, Zurich’s Asia Pacific Life business observed a 4% increase in life gross premiums. Despite a slight 2% decline in new business premiums and a 10% decrease in operating profit compared to 2023, the results are indicative of robust technical management of the existing portfolio and the development of new business propositions addressing both market opportunities and evolving customer needs across the region.
Tulsi Naidu, the APAC CEO of Zurich Insurance, remarked, “This is a pleasing set of results for our APAC business. The exceptional performance in P&C reflects continuous growth across our markets, underpinned by improvements in pricing and underwriting. Our Life business results remain broadly in alignment with an outstanding 2023 performance, and the ongoing proposition development has spurred new launches in several of our markets in the first half of 2025.”
Naidu further stated, “We consistently expand the growth potential of the business through our strategic entry into India, investments in commercial insurance underwriting, extensive proposition development, and achieving record customer satisfaction levels across the region.”
In conclusion, Naidu emphasized, “We are making steady strides in strengthening Zurich’s presence in Asia Pacific. The year 2024 saw us deliver excellent results while continuing to invest in our capabilities, establishing a solid platform for growth as we transition into our new three-year cycle.”
