Zurich profit jumps 15% to £63m

Zurich-Building-700x450.jpgZurich’s UK life business has reported a 15 per cent increase in business operating profit to £63m for the first six months of 2016.

The insurer noted the increase despite a greater number of corporate claims than it was expecting.

Zurich reported a 7 per cent drop in annualised premium equivalent to £431m and attracted new business worth £84m, which was a 32 per cent increase on the same period in 2015.

Zurich UK life head Anne Torry calls the results “robust” against the volatile market backdrop.

Torry says: “The mix of business we’ve sold combined with our continued focus on controlling expense is reflected in the significant growth in our new business margin.”

She adds: “Our retail and corporate protection businesses in particular made excellent progress, posting increased sales across retail, whole of life and corporate group income protection.”

So far this year, Zurich has paid out £331.3m in UK life claims, which is 95 per cent of the claims it received.