Zurich’s business operating profit increased 6% to $US4.2 billion ($6.1 billion) in the first half, including a stronger contribution from the property and casualty division.

The P&C combined operating ratio improved 1.2 points to 92.4% and business operating profit grew 9% to $US2.4 billion ($3.7 billion).

In commercial, Zurich says it continues to optimise its portfolio, “seizing opportunities to drive profitability, including growing in preferred segments and lines of business such as middle market and specialties”.

Within the combined operating ratio, natural catastrophe losses totalled 1.8%, compared with 2.4% a year earlier, as volatility was addressed through “sophisticated risk selection and exposure management”.

P&C gross written premium and policy fees grew 7%, to $US27.14 billion ($41.6 billion). On a like-for-like basis, the gain was 5%, with all geographies contributing and the group achieving price increases of 3%.

Life business operating profit rose 4% to $US1 billion ($1.5 billion), excluding a prior-year non-recurring benefit of $US55 million ($84.27 million), and the Farmers’ business result grew 4% to $US1.2 billion ($1.8 billion).

Total Asia-Pacific business operating profit increased 16% to $US302 million ($463 million), including a 24% P&C gain to $US180 million ($276 million).

Regional CEO Tulsi Naidu says the “standout” P&C growth reflected scale and market share gains, along with improved profitability.

“Our investments in digital capabilities, SME and commercial insurance are delivering results, with growing scale across our markets,” she said.

“We’re also actively building our life franchise in the region, improving profitability, adding new propositions and improving agency performance. We are seeing the benefits of this consistent focus with the recent substantial group life contract win in Australia.”

Zurich’s group net income attributable to shareholders was $US3.1 billion ($4.7 billion), compared with $US3 billion ($4.6 billion) a year earlier.