Zurich revealed triple digit percentage increases in profits in both life and savings and general insurance sections of the business, according to the firm’s 2018 full year results.

The figures revealed a jump in operating profit for the life and savings arm of 115%, from £57m to £123m and an increase of 176%, from £50m to £137m in general insurance.

The company reported earnings on a like for like basis were up 143% from £107m in 2017 to £260m.

The firm hailed the results in what it called a ‘transformative’ year.

Zurich UK chief executive, Tulsi Naidu, said: “Zurich has delivered a strong result in the UK and I’m very pleased with how the business has developed over the last 12 months.

“2018 was a significant year in our transformation and it is gratifying to see the all-round improvement reflected in the results.

“This is the first step in our journey as we build a simpler, more digital business across both Life and GI allowing us to offer excellent propositions and service to customers and intermediary partners.

“The whole company has delivered the financial results we see today and I want to thank the Zurich UK team for the fantastic effort.”          

Zurich says its life and savings performance was achieved despite challenging financial markets.

A statement added: “These figures also include the investment in our award-winning Life Protection Platform which has been well received by advisers and customers with a very beneficial impact on business volumes.”
                           
Commenting on the life and savings results Ms Naidu said: “The Life Protection Platform is a superb example of how we are systematically building capability.

“Advisers and customers demand choice, convenience and need 24/7 access - the platform offers just that.

“The number of customers on our retail wealth platform also rose by more than 15% over the year and assets under administration likewise rose by 9%.

Our presence in the longevity swaps market took a leap forward as well in 2018 with a £2bn deal with National Grid.”

She added: “We are very pleased with the development of our UK business in 2018.

“We are investing in our people, in our digital capabilities and in new office locations - all of which will improve the service we offer. 

“We are well placed competitively, have good momentum and look forward to continued progress in all areas of our business during 2019.”