UK boss Tim Bailey says insurer did ‘incredibly well’ amid pandemic challenges
Zurich UK posted its strongest underwriting profit in five years, with a combined ratio of 80.8% for the first half of this year.
The UK general insurance business bounced back strongly from last year’s pandemic-induced losses, posting £230m business operating profit compared to a £35m loss last year.
Premium grew 17% to £1.57bn (2020 H1: £1.34bn).
UK chief executive Tim Bailey said: “Our P&C business has continued to perform incredibly well despite the ongoing challenges of Covid-19 with solid underlying improvements in profits and efficiency.
“We continue with our strategy to put customers at the centre of everything we do, rapidly progressing our digital journey.
“We have also benefited significantly from benign weather in the first half.”
The insurer’s customer satisfaction score has also reached the highest ever level, which is reportedly driven by the businesses ongoing digital transformation.
Bailey added: “We continue to be there for our customers and I’m proud to see this reflected in our highest ever transactional net promoter score.
“We continue to grow top line and our business operating profits are at £265 million for the first half – a strong first half result.
“The team at Zurich has shown exceptional commitment and resilience. I’d like to thank my colleagues across the UK business for their ongoing contribution to our success.”