Zurich Asia Pacific: 2023 results

Zurich Asia Pacific, a subsidiary of Zurich Insurance Group, has published its annual results for the year ending 31 December 2023. The operating result reached 565 million USD, up by 18% over one year.

The non-life (P&C) business recorded an 11% turnover increase to 3.612 billion USD. This growth was underpinned by a good performance in Australia, the launch of takaful products in Malaysia and the online marketing of insurance policies in Hong Kong.

The past year was also marked by the signing of an agreement with the Indian bank Kotak Mahindra Bank, in November 2023, for the acquisition of a majority stake in its non-life subsidiary Kotak General Insurance. The deal is expected to be finalized during the first half of 2024.