Zurich UK Life has reported a 7 per cent rise in business operating profit from £91.6m to £98m for the first half of the year after the launch of its corporate platform boosted sales.
Sales on an annual premium equivalent basis totalled £378m for the six months to 30 June, up 14 per cent from £331.6m for the same period last year.
The company says this is due to increased sales within corporate life and pensions and private banking, “with significant growth from Zurich corporate savings business” following the launch of its corporate savings platform in February.
New business value went from £44.9m to £62m, an increase of 38 per cent over the period.
Zurich UK Life chief executive Gary Shaughnessy (pictured) says: “These are strong results achieved in challenging times.
“In the next few months we face unprecedented levels of regulatory change. However by continuing to adapt our propositions to meet changing market needs – in particular with the successful launch of our corporate savings platform earlier this year and the intermediary platform coming on board in the next few months – we will be well-placed to be competitive and successful in the post-RDR world.”
Overall Zurich’s global business posted a business operating profit of £1.6bn for the first half of the year, up 17 per cent from £1.3bn for the same period last year.