Zurich UK’s P&C operating profit drops to £226m in 2022

The provider also noted that the prior year result of £371m had been “very strong”.

The combined operating ratio worsened to 95.5% from 86.5%. However, Zurich said the result reflected a “robust performance given the market conditions”.

Gross written premium for the period ended 31 December 2022 jumped 19% compared to the year before to £3.7bn. According to the insurer, this was due to growth in all areas helped by new business, good retention and pricing discipline.

Across the company, including life, business UK operating profit came in at £403m, down from £470m in 2021.

Challenging market conditions

Tim Bailey, CEO of Zurich UK, stated that despite challenging market conditions the insurer had delivered double-digit revenue growth and record levels of customer and broker satisfaction.

Bailey continued: “These results demonstrate the resilience of our business and balance in our portfolio.

“Despite the impact of inflationary pressures, our P&C business has continued to perform well, achieving strong top-line growth across all areas and a solid combined ratio. We have also delivered a positive result in our life business, with both top and bottom-line growth.

“This performance is testament to the outstanding efforts of our team, our quality products and our focus on creating exceptional experiences for customers and brokers.”

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