Zurich profits jump 9% to £186 million

Zurich UK Life saw operating profits jump to £186 million for 2012, a 9% increase on the previous year.

The provider was boosted by a rise in the value of new business which was up 28% over the twelve months at £123 million.

Zurich UK Life chief executive Gary Shaughnessy (pictured), said the company had invested to ensure it was ready for both the retail distribution review (RDR) and auto-enrolment.

‘Both retail and corporate markets are undergoing a substantial change through auto-enrolment and the retail distribution review, and we have a business model that recognises that,' he said.

'We have a very profitable and stable in-force business, are well recognised for the quality of our underwriting and are well-positioned overall in both corporate and retail markets.'