Swiss insurance giant Zurich has tabled its best half year financial results in more than a decade helped by strong growth in its UK business.
Results for H1 released this morning show Zurich UK record profit of £185m for its insurance business, up 144 per cent from £76m last year.
Profit at the group’s life and savings business in the UK lagged slightly however, coming in at £63m, down from £67m in 2018.
New business value from the group’s life and savings arm is up 38 per cent on 2018, driven by the re-launch of the Zurich protection platform.
Zurich UK chief executive Tulsi Naidu says the results were in line with expectation and attributed to tough market conditions.
Naidu says: “I’m very pleased with the broad-based progress we are making across our UK businesses and am grateful to everyone in our UK team whose hard work and talent has helped us reach this important milestone.
“Our life results are solid and behind the headline numbers, some very pleasing themes are emerging. We have a strong franchise, a simpler, more digital platform and, with positive trading momentum behind us, we look forward to the second half and beyond with confidence.”
Zurich UK has launched a range of new offerings under its simplified business model in the last 12 months, following a more difficult financial year which saw platform assets plunge following the sale of its workplace business to Scottish Widows in late 2017.
In addition to its new platform, the group boosted its “cradle to grave” intergenerational planning solution in January with the launch of a junior Isa.
Reports that the group will look to sell its IFA platform in the UK for a price tag of £50m also continue to circulate.