Zurich suffered a 39 per cent drop in UK life operating profit during the first half of 2013, from £98m last year to £60m this year, as sales plummeted 33 per cent.
The insurer’s results for the first six months of the year, published this morning, reveal sales fell from £376m during the first half of last year to £252m.
Zurich says this reflects a drop in retail bond business as a result of the RDR and lower volumes in its corporate savings business.
It says the profit figure for the first half of last year was skewed by “one-off reserving benefits” which have not been repeated this year.
Zurich UK Life chief executive Gary Shaughnessy says: “Our market share in individual protection has reached double figures for the first time, continuing the growth we have seen over the last few years and our group risk business has become the market leader in group life new business.
“This success has been achieved despite the difficult market conditions which have seen the protection market shrink.
“Initial growth from our retail platform launch is further reinforcing our figures and we are very pleased with the increasing number of advisers using the platform. At the same time, the level of assets moving onto our retail platform has increased.
“Our corporate savings business has maintained its momentum with a pipeline of schemes soon to come on board.”