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Zurich profit up 10 per cent for half-year

Zurich UK Life has reported a 10 per cent increase in operating profit within its UK Life arm, up from £60m in the first half of 2013 to £66m this year.

The provider’s sales measure, the annualised premium equivalent, is up 37 per cent year-on-year, from £252m to £346m. It says the figure represents strong performance in the firm’s corporate savings division.

New business value – the long-term value of business written this year – fell to £52m from £61m this time last year.  

UK Life chief executive Gary Shaughnessy says: “We are very pleased with how our business is maintaining growth. These results continue to reflect that we made the right decisions about how we position the company, focussing on making it easy to do business, the growing corporate and retail protection markets and strong distribution partnerships.

“Our strong profitability has been driven not only by the quality of the business that we underwrite, but our delivery of an excellent claims experience to our customers.

“We have introduced some changes recently to speed up the claims process further and our claims rate is already market leading with £277m paid out to protection customers in 2014 so far, with over 96 per cent being successful.”

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