Zurich UK Life has reported business operating profit up 10 per cent on the first half of last year to £66m.
The insurer’s first-half results showed new business worth £52m, a figure down on the same period last year following the loss of the last of the ‘unitised fixed rate bond’ and retail bond income streams.
The new business margin was 14.9 per cent, reflecting higher volumes of corporate savings and retail platform business, the firm said.
Gary Shaughnessy, chief executive of Zurich’s UK Life business, said: “We have introduced some changes recently to speed up the claims process further and our claims rate is already market leading with £277m paid out to protection customers in 2014 so far, with over 96 per cent being successful.
“We’ve continued to see good growth in our retail platform, both in terms of the increasing number of advisers using the platform and the level of assets moving onto it. This growth has recently been reinforced by an uplift in our retail savings business, following the changes to Isa limits.
“The last few months have seen further radical reforms to the market and we strongly welcome the government’s decision to provide savers with more choice at retirement. We believe the changes make the market more accessible, more attractive and increase investment in the UK economy.”
