In the three months to 31 March 2018, Zurich reported APE growth of 7% across all four geographical regions in its Life segment.
When adjusted for constant currency and the disposal of the UK workplace savings business, Zurich achieved APE growth of 13%.
Zurich said continued growth in Brazil was offset by the absence of a large corporate protection sale in Chile in the first quarter of 2017.
The insurer’s joint venture with Banco de Sabadell in Spain; together with good performances in Italy, Switzerland and the UK, helped drive growth in Emea.
All countries across Asia Pacific contributed to growth, while North America saw improved volumes of corporate protection against a low base last year.
Value of business
New business value (NBV) was down in three of the four regions, with the overall change a fall of 1%.
This was attributed, in part, to changes in the product mix to optimise returns on capital and earnings, as well some “minor changes” to operating assumptions.
