Zurich Insurance Group (Zurich) on 19 February reported a record full-year performance in Asia Pacific for the 12 months ended 31 December 2025, delivering a GWP of $7.5bn, with business operating profit (BOP) of $633m, up 8% y-o-y. The result reflects a strong performance in the life business alongside continued momentum in P&C across both commercial and retail insurance.
Life GWP was up 16% yoy like-for-like to $3.2bn, with new business contractual service margin (CSM) of $362m; life BOP of $286m.
P&C GWP were $4.3bn, up 8% y-o-y, 4% like-for-like, with BOP of $346m and a combined ratio of 94.3%.
Record overall BOP was $633m, up 8% y-o-y, with $3.1bn of claims paid during FY2025.
Zurich Insurance Group CEO Asia Pacific Tulsi Naidu, said, “I am delighted to report another year of strong progress across our Asia Pacific business. These full-year results reflect the continued robust development of our franchise in the region, supported by the investments we have made in recent years in each of our three segments – life, commercial insurance and retail P&C – resulting in revenue growth alongside increased scale and profitability.”
“Life performance is a particular highlight, underpinned by strong trading performance across our markets, disciplined in-force portfolio management and continued delivery of new customer initiatives. We are seeing strong results in the independent distribution channel in Australia, Japan and Hong Kong, coupled with positive agency and partnership momentum in Indonesia and Malaysia,” she said.
“In P&C, the combination of our expanded footprint and deep capabilities across retail and commercial insurance has resulted in a scaled business with more than $4bn GWP, which is well positioned for continued growth,” she added.
Life delivered Gross Premiums of $3.2bn, up 16% y-o-y like-for-like. Highlights include strengthening Zurich’s leading market position in Retail Life in Australia and recording a significant Group Life milestone through the award of the Australian Retirement Trust mandate, the second largest superannuation fund in the country with 2.4m members; successful entry into the Japan unit-linked market with the launch of the Future Link range of funds; and the Hong Kong Life business delivering rapid growth due to a supportive market environment complemented by high-quality service and product propositions.
P&C delivered GWP of $4.3bn, up 8% y-o-y, 4% like-for-like, reflecting strong top-line momentum across the portfolio. Zurich’s retail franchise grew strongly with market share gains across Asia Pacific, expanding its personal lines portfolios and deepening reach through new distribution partnerships. The Group continued to invest in its Commercial Insurance business, growing its footprint in India and Malaysia, as well as investing in skills and capabilities across the region.
During FY2025, Zurich paid $3.1bn in claims and strengthened its customer experience and brand presence across the region. Transactional Net Promoter Score (TNPS) exceeded 60 for the year, improving by 2.9 points over the prior year, reflecting Zurich’s ongoing commitment to service quality and claims experience.
“We remain focused on the growth of Zurich’s franchise across Asia Pacific and have a long-term positive outlook for the region. These results, coupled with the continued improvement in our brand and customer advocacy, position us well to meet the future opportunities across our markets," Ms Naidu said.