Zurich’s Asia-Pacific operations, including Australia, delivered an 8% rise in business operating profit to a record $US633 million ($897 million) last year.

Asia-Pacific CEO Tulsi Naidu says the results “reflect … the investments we have made in recent years in each of our three segments – life, commercial insurance and retail [property and casualty] – resulting in revenue growth, alongside increased scale and profitability”.

P&C gross written premium grew 8%, contributing $US4.3 billion ($6.09 billion) to the region’s overall GWP of $US7.5 billion ($10.6 billion).

“In property and casualty, the combination of our expanded footprint and deep capabilities across retail and commercial insurance have resulted in a scaled business … which is well positioned for continued growth,” Ms Naidu said.

“We remain focused on the growth of Zurich’s franchise across Asia-Pacific and have a long-term positive outlook for the region.” 

The P&C business globally posted a 22% rise in business operating profit to $US5.1 billion ($7.2 billion) last year. Zurich says it is the first time the measure has exceeded $US5 billion ($7.08 billion).

P&C insurance revenue rose 8% to $US48.2 billion ($68.33 billion) and GWP was $US50.4 billion ($71.45 billion).

“Rates increased 2% overall, supported by higher retail rates and continued strong momentum in selected commercial lines,” Zurich said.

Group-wide business operating profit was a record $US8.9 billion ($12.61 billion), up 14% on 2024.

“I am extremely proud to see all our businesses contributing to these record results … we are well on track to achieve or even exceed our 2027 targets,” CEO Mario Greco said.