Zurich UK boosts profits as P&C COR and GWP improves

Zurich UK boosted its business operating profit (BOP) in property and casualty in 2024 as it improved the division’s combined operating ratio (COR).

In a trading update published today (20 February 2025), the insurer said its P&C BOP grew from £262m to £411m year-on-year, up 57% .

The COR, meanwhile, improved from 93.8% in 2023 to 91.7% in 2024, while gross written premium (GWP) grew 4%.

The performance in the P&C division led to Zurich UK achieving an overall increase of 39% in its BOP, reaching £570m.

Retail update

Zurich UK also issued an update on its retail division following the realignment of the partnership strategy and personal lines portfolio.

In a statement released in July 2023, the insurer said it had “reviewed its mass market home and motor strategy to simplify routes to market and focus on the areas where there are greater opportunities to grow”.

As part of this, it exited the regional and national broker personal lines channels.

“Retail has continued its focus on broker and customer propositions alongside its growth strategy across mid-market, SME and high net worth customers, which remains a key focus in 2025,” Zurich UK said today.

Drazen Jaksic, chief executive at Zurich UK, said: “In the last 12 months, we’ve achieved excellent growth across all areas, making a strong contribution to Zurich’s overall global results.

“At the same time, we’ve continued to build on the outstanding customer and broker satisfaction scores achieved last year. This is a real demonstration that people want to place their business with us and receive great service as a result.”