Zurich UK has today posted its full-year results for the period ended December 31, 2021, and among them are several key highlights. 2021 brought a strong trading performance for the insurance giant, growing the top line of both its Property and Casualty (P&C) and Life segments 13% and 4% respectively from 2020.
Meanwhile, its UK full-year business operating profit (BOP) rose from £111 million in 2020 (a figure impacted by COVID claims) to £470 million in 2021. The insurer reported that it has paid a total of £2 billion in claims across all UK business areas.
Commenting on the results, Tim Bailey, CEO of Zurich UK, highlighted that 2021 brought “strong results”, with an acceleration in revenue growth returning profits to pre-pandemic levels. He noted that this performance was driven by disciplined execution and a focus on customers. This focus has seen Zurich UK achieve further improvements in customer satisfaction, with its NPS score up five points from 2020’s score.
“Thanks to the hard work of our employees, we remain firmly on track to achieve our growth ambitions,” Bailey said. “We will continue to build on this progress in 2022, as we help our customers navigate the recovery and manage their evolving risks.”
Digging deeper into its P&C figures, Zurich notes its GWP for the segment is up 13% to £3,110 million from £2,742 million in 2020 while its combined ratio has improved to 86.5% from 97.8%. Meanwhile, its BOP of £371 million is up from £68 million reported in 2020.
Commenting on the P&C results, Tim Bailey said: “Our P&C business delivered a strong trading performance, with double-digit growth across all segments. This result reflects the success of our work in recent years to simplify and strengthen the business. We are now seeing the rewards of underwriting improvements, new digital capabilities and a transformation in the customer experience. Fewer catastrophic losses and relatively benign weather further improved the result.”
Meanwhile, Zurich UK’s Life segment saw its Life protection annual premium equivalent (APE) rise 4% to £133 million from 2020’s £128 million. Its Life protection new business value (NBV) also improved significantly to £66 million, up from £37 million in 2020, while its BOP rose to £99 million, up from £44 million reported in 2020.
