Life insurance new business premiums grew 3% year-on-year to $8.51bn. Credit: Scott Graham on Unsplash.

Zurich Insurance Group has reported net income attributable to shareholders after tax of $3.02bn in H1 2024, benefitting from substantial growth in the Life and Farmers businesses, representing a 21% surge from $2.49bn in H1 2023.

Group BOP also saw a rise, growing 7% to nearly $4bn in H1 2024 from $3.72bn in the prior year.

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Zurich’s Swiss Solvency Test (SST) ratio stood at an estimated 232% at the end of June 2024, surpassing the group’s target level of at least 160%.

The Life business in particular registered an all-time high BOP of $1.05bn in H1 2024, up 12% from $939m in H1 2023.

This growth was primarily driven by the Europe, Middle East, and Africa region, benefitting from higher fees, a robust investment result, and favourable experiences in Switzerland, the UK and Italy.

Additionally, a non-recurring benefit of around $50m was realised due to the non-completion of the disposal of a legacy Life back book in Germany.

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In the Asia-Pacific region too, the Life business’ BOP increased, attributed to a higher contractual service margin (CSM) and more favourable claims experience.

Life insurance new business premiums grew by 3% to $8.51bn in H1 2024 from $8.24bn a year ago.

However, the property and casualty (P&C) business experienced a dip, with BOP reaching $2.22bn in the six months that ended on 30 June 2024, down 1% from the previous year.

A 6% rise in the segment’s insurance revenue to $21.45bn was outweighed by a 0.7 percentage point increase in the combined ratio to 93.6%, mainly due to catastrophe losses.

P&C gross written premiums and policy fees for H1 2024 were $25.34bn, a 3% increase from $24.56bn a year earlier.

The Farmers segment reported its highest ever BOP of $1.11bn in the first six months of 2024, marking a 12% increase from $993m in the prior year.

Zurich Group CEO Mario Greco noted: “I am very pleased with these results, which reflect excellent performance across all our businesses. This will continue to enable us to deliver strong returns for our shareholders. Market conditions have remained more favourable than anticipated, and we observe today many opportunities to profitably grow the business.”