Zurich UK Life delivered a business operating profit of £186m for 2012, up 9% on the previous year, a result Zurich said reflects a focus on writing quality business and controlling costs.
New business value for the UK arm of Zurich was up 28% at £123m, achieved through strong growth in both corporate and individual markets, Zurich said.
The UK businesses annual premium equivalent (APE) - where sales are estimated by taking the value of regular premiums, plus 10% of any new single premiums written for the fiscal year - was at £754m, down by 2% on 2011.
Zurich said solid APE growth in corporate life and pensions and protection businesses was offset by tough conditions in the retail investment market.
New business margin (NBM) was 3.9pts higher at 16.4%, driven by a more favourable mix of corporate life and pensions business, lower corporation tax and reduced reassurance costs for protection, Zurich said.
Zurich UK Life chief executive Gary Shaughnessy said: "We have seen the continuing benefits of our strategy of focusing on expense management while at the same time adapting our propositions and business model to meet the changing demands of the UK market.
"This has ensured that we are writing quality business whilst keeping finances under control. We have capitalised on our strong position in the corporate market and seen that business accelerate, and we have seen quality growth with very strong returns in individual and corporate protection.
"Our business is also strengthened by our exceptionally high quality partnerships and a focus on corporate and retail intermediaries. Building on these strong partnerships remains a key priority for us."
Globally Zurich delivered business operating profit of $4.1bn, down 4% compared with 2011.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
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