---
title: Zurich Insurance Group/2025/FY/Financial supplement
---
# Zurich Insurance Group/2025/FY/Financial supplement
## BOP by Business
Caption: in USD millions (footnote: Business operating profit by business.)
| USD million | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Life | Life | Life | Life | Life | Life | Farmers | Farmers | Farmers | Farmers | Farmers | Farmers | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue | 21,446 | 23,346 | 44,792 | 23,014 | 25,220 | 48,234 | 5,797 | 5,903 | 11,700 | 5,775 | 6,548 | 12,323 | 1,456 | 1,485 | 2,941 | 1,112 | 1,134 | 2,245 | 0 | 0 | 0 | 0 | 0 | 0 | 45 | 52 | 97 | 79 | 92 | 171 | (8) | (14) | (22) | (11) | (16) | (27) | 28,736 | 30,772 | 59,507 | 29,969 | 32,977 | 62,945 |
| Insurance service expense | (17,830) | (20,649) | (38,479) | (18,816) | (21,826) | (40,642) | (4,541) | (4,590) | (9,130) | (4,497) | (5,167) | (9,663) | (1,305) | (1,220) | (2,525) | (897) | (869) | (1,766) | (0) | 0 | 0 | (0) | (0) | (0) | (70) | (269) | (338) | (211) | (132) | (343) | 5 | 11 | 16 | 19 | 15 | 34 | (23,740) | (26,716) | (50,456) | (24,402) | (27,980) | (52,382) |
| Net expenses from reinsurance contracts held | (1,753) | (1,059) | (2,812) | (1,972) | (1,075) | (3,047) | (85) | (76) | (161) | (93) | (79) | (171) | (64) | (145) | (209) | (108) | (103) | (211) | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 114 | 144 | 132 | 7 | 140 | 3 | 3 | 7 | (8) | 1 | (7) | (1,867) | (1,163) | (3,031) | (2,048) | (1,248) | (3,296) |
| Insurance service result | 1,863 | 1,637 | 3,500 | 2,227 | 2,318 | 4,545 | 1,172 | 1,237 | 2,409 | 1,186 | 1,302 | 2,488 | 88 | 120 | 208 | 106 | 161 | 268 | (0) | 0 | 0 | (0) | (0) | (0) | 6 | (103) | (97) | 0 | (33) | (33) | 0 | 0 | 0 | 0 | 0 | 0 | 3,128 | 2,892 | 6,020 | 3,519 | 3,749 | 7,268 |
| Net investment income on Group investments | 1,233 | 1,270 | 2,503 | 1,276 | 1,359 | 2,635 | 1,521 | 1,471 | 2,992 | 1,375 | 1,504 | 2,879 | 23 | 23 | 46 | 25 | 24 | 49 | 128 | 111 | 238 | 109 | 106 | 215 | 68 | 80 | 148 | 58 | 54 | 113 | (111) | (86) | (197) | (74) | (74) | (148) | 2,862 | 2,868 | 5,730 | 2,768 | 2,974 | 5,742 |
| Net capital gains/(losses) on Group investments | 152 | 117 | 269 | 36 | 175 | 211 | (48) | (73) | (121) | (140) | 5 | (135) | (3) | (0) | (4) | 0 | 0 | 0 | 74 | 82 | 156 | 87 | 53 | 141 | (53) | (6) | (60) | 33 | (2) | 31 | 0 | 0 | 0 | 0 | 0 | 0 | 122 | 120 | 241 | 16 | 231 | 247 |
| Net investment result on Group investments | 1,386 | 1,387 | 2,772 | 1,312 | 1,534 | 2,846 | 1,473 | 1,398 | 2,871 | 1,235 | 1,509 | 2,744 | 20 | 23 | 43 | 25 | 24 | 49 | 202 | 193 | 394 | 196 | 160 | 356 | 15 | 74 | 88 | 91 | 53 | 144 | (111) | (86) | (197) | (74) | (74) | (148) | 2,984 | 2,988 | 5,972 | 2,784 | 3,205 | 5,990 |
| Net investment income on unit-linked investments | 0 | 0 | 0 | 0 | 0 | 0 | 641 | 619 | 1,260 | 640 | 633 | 1,274 | 19 | 46 | 64 | 49 | 79 | 128 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 660 | 665 | 1,325 | 690 | 712 | 1,402 |
| Change in liabilities for investment contracts and other funds | 0 | 0 | 0 | 0 | 0 | 0 | (444) | (398) | (842) | (463) | (416) | (879) | (1) | (1) | (2) | (1) | (1) | (1) | 0 | 0 | 0 | 0 | 0 | 0 | (4) | (4) | (7) | (3) | (3) | (7) | 0 | 0 | 0 | 0 | 0 | 0 | (448) | (403) | (851) | (467) | (420) | (887) |
| Re-/Insurance finance income/(expenses) | (588) | (645) | (1,233) | (659) | (679) | (1,338) | (1,380) | (1,305) | (2,685) | (1,181) | (1,302) | (2,483) | (9) | (38) | (47) | (50) | (80) | (130) | 0 | 0 | 0 | 0 | 0 | 0 | (10) | (26) | (36) | (75) | (64) | (139) | 0 | (0) | 0 | (0) | (0) | (0) | (1,988) | (2,015) | (4,002) | (1,965) | (2,125) | (4,090) |
| Net investment result | 797 | 742 | 1,539 | 653 | 855 | 1,508 | 290 | 314 | 604 | 231 | 424 | 656 | 29 | 29 | 58 | 23 | 22 | 45 | 202 | 193 | 394 | 196 | 160 | 356 | 1 | 44 | 45 | 13 | (15) | (2) | (111) | (86) | (197) | (74) | (74) | (148) | 1,208 | 1,235 | 2,443 | 1,043 | 1,372 | 2,414 |
| Fee income | 243 | 240 | 483 | 267 | 263 | 530 | 460 | 491 | 951 | 508 | 597 | 1,105 | 2,266 | 2,311 | 4,577 | 2,273 | 2,464 | 4,737 | 0 | (1) | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 | 0 | (0) | 0 | 2,969 | 3,042 | 6,011 | 3,048 | 3,324 | 6,373 |
| Fee business expenses | (186) | (200) | (385) | (227) | (221) | (448) | (326) | (320) | (646) | (353) | (389) | (742) | (1,250) | (1,285) | (2,535) | (1,229) | (1,401) | (2,631) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 0 | (4) | (5) | (9) | (5) | (4) | (9) | (1,766) | (1,809) | (3,575) | (1,814) | (2,016) | (3,830) |
| Fee result | 57 | 40 | 98 | 40 | 43 | 83 | 134 | 172 | 306 | 155 | 207 | 363 | 1,016 | 1,026 | 2,042 | 1,044 | 1,063 | 2,106 | (0) | (1) | (1) | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | (4) | (5) | (9) | (5) | (4) | (9) | 1,203 | 1,232 | 2,436 | 1,234 | 1,309 | 2,543 |
| Other revenues | 206 | 255 | 461 | 201 | 203 | 404 | 159 | 100 | 259 | 79 | 77 | 156 | 29 | 38 | 67 | 24 | 37 | 61 | 128 | 123 | 251 | 96 | 90 | 185 | 12 | 12 | 24 | 22 | 14 | 36 | (335) | (368) | (703) | (285) | (263) | (548) | 198 | 160 | 358 | 136 | 159 | 294 |
| Interest expense on debt | (42) | (38) | (80) | (35) | (35) | (70) | (31) | (22) | (53) | (10) | (22) | (33) | (7) | (0) | (7) | (0) | (0) | (0) | (371) | (365) | (736) | (320) | (355) | (674) | (32) | (30) | (63) | (20) | (6) | (26) | 258 | 241 | 499 | 174 | 169 | 343 | (225) | (215) | (440) | (211) | (249) | (460) |
| Other expenses | (710) | (762) | (1,471) | (683) | (846) | (1,528) | (333) | (368) | (701) | (363) | (494) | (857) | (75) | (77) | (152) | (83) | (105) | (188) | (369) | (480) | (850) | (431) | (410) | (841) | (27) | (74) | (101) | 3 | (19) | (16) | 193 | 218 | 411 | 191 | 171 | 362 | (1,322) | (1,542) | (2,864) | (1,366) | (1,703) | (3,069) |
| Restructuring costs and other items not relevant for BOP | 126 | 186 | 311 | 104 | 243 | 347 | 26 | 18 | 44 | 64 | 136 | 200 | 35 | 35 | 70 | 41 | 55 | 96 | 53 | 18 | 71 | 61 | 13 | 74 | 0 | 87 | 87 | (8) | 1 | (7) | 0 | 0 | 0 | 0 | 0 | 0 | 240 | 344 | 584 | 263 | 447 | 710 |
| Other result | (420) | (359) | (779) | (413) | (435) | (848) | (179) | (272) | (451) | (230) | (303) | (534) | (17) | (4) | (22) | (19) | (13) | (32) | (559) | (704) | (1,264) | (593) | (662) | (1,255) | (47) | (5) | (52) | (3) | (10) | (13) | 115 | 91 | 206 | 79 | 78 | 158 | (1,108) | (1,253) | (2,362) | (1,179) | (1,346) | (2,525) |
| Income tax (expense)/benefit attributable to policyholders (BOP relevant) | (2) | (3) | (5) | (0) | (2) | (2) | (130) | (32) | (163) | (77) | (141) | (218) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (132) | (35) | (168) | (78) | (143) | (221) |
| Business operating profit before non-controlling interests | 2,296 | 2,058 | 4,353 | 2,507 | 2,779 | 5,286 | 1,287 | 1,418 | 2,705 | 1,265 | 1,490 | 2,754 | 1,115 | 1,171 | 2,286 | 1,154 | 1,233 | 2,387 | (358) | (512) | (870) | (397) | (503) | (900) | (40) | (64) | (104) | 10 | (59) | (48) | 0 | 0 | 0 | 0 | 0 | 0 | 4,299 | 4,071 | 8,370 | 4,539 | 4,940 | 9,479 |
| Non-controlling interest | 71 | 78 | 149 | 78 | 79 | 157 | 239 | 231 | 470 | 234 | 232 | 466 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 311 | 308 | 619 | 312 | 311 | 623 |
| Business operating profit | 2,224 | 1,980 | 4,204 | 2,429 | 2,700 | 5,129 | 1,048 | 1,187 | 2,235 | 1,031 | 1,258 | 2,288 | 1,115 | 1,171 | 2,286 | 1,154 | 1,233 | 2,387 | (358) | (512) | (870) | (397) | (502) | (900) | (40) | (64) | (104) | 10 | (59) | (48) | 0 | 0 | 0 | 0 | 0 | 0 | 3,988 | 3,763 | 7,751 | 4,227 | 4,629 | 8,856 |
## BOP to NIAS by Business
Caption: in USD millions (footnote: Reconciliation of BOP to net income after income taxes.) (footnote: Hide.) (footnote: Includes change in fair value of underlying investment, the impact of change in discount rates and risk mitigation arising from derivatives.)
| USD million | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Life | Life | Life | Life | Life | Life | Farmers | Farmers | Farmers | Farmers | Farmers | Farmers | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Business operating profit | 2,224 | 1,980 | 4,204 | 2,429 | 2,700 | 5,129 | 1,048 | 1,187 | 2,235 | 1,031 | 1,258 | 2,288 | 1,115 | 1,171 | 2,286 | 1,154 | 1,233 | 2,387 | (358) | (512) | (870) | (397) | (502) | (900) | (40) | (64) | (104) | 10 | (59) | (48) | 0 | 0 | 0 | 0 | 0 | 0 | 3,988 | 3,763 | 7,751 | 4,227 | 4,629 | 8,856 |
| Revenues/(expenses) not relevant for BOP: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net capital gains/(losses) on Group investments | 414 | 153 | 567 | 136 | 915 | 1,051 | 32 | 293 | 325 | 115 | 401 | 516 | (2) | (0) | (2) | 1 | 0 | 1 | (20) | (5) | (25) | (3) | (1) | (4) | (23) | 0 | (22) | 8 | (10) | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 402 | 441 | 843 | 258 | 1,305 | 1,563 |
| Net capital gains/(losses) on unit-linked investments | 0 | 0 | 0 | 0 | 0 | 0 | 8,752 | 5,827 | 14,579 | 1,788 | 11,181 | 12,969 | 116 | 42 | 158 | 42 | 49 | 91 | 0 | 0 | 0 | 0 | 0 | 0 | 190 | 133 | 322 | 144 | 189 | 334 | 0 | 0 | 0 | 0 | 0 | 0 | 9,058 | 6,001 | 15,059 | 1,974 | 11,419 | 13,393 |
| Change in liabilities for investment contracts and other funds | 0 | 0 | 0 | 0 | 0 | 0 | (4,508) | (2,754) | (7,261) | 109 | (5,140) | (5,031) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (4,508) | (2,754) | (7,261) | 109 | (5,140) | (5,031) |
| Re-/Insurance finance income/(expenses)1 (footnote: 1.) | 0 | 0 | 0 | (0) | 0 | 0 | (4,397) | (3,378) | (7,775) | (1,980) | (6,469) | (8,448) | (114) | (43) | (158) | (41) | (45) | (86) | 0 | 0 | 0 | 0 | 0 | 0 | (173) | (136) | (310) | (146) | (187) | (333) | 0 | 0 | 0 | (0) | (0) | (0) | (4,685) | (3,557) | (8,242) | (2,167) | (6,701) | (8,868) |
| Net gains/(losses) on divestment of businesses | 13 | 3 | 16 | 0 | 0 | 0 | 14 | 84 | 98 | (1) | (5) | (6) | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (0) | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 26 | 87 | 114 | (1) | (6) | (7) |
| Restructuring costs | (118) | (116) | (234) | (57) | (126) | (184) | (10) | (23) | (33) | (29) | (47) | (77) | (1) | (3) | (4) | (4) | (24) | (27) | (4) | (3) | (6) | (4) | (8) | (12) | (0) | 0 | (0) | 0 | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | (133) | (144) | (277) | (95) | (205) | (299) |
| Impairments of goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other adjustments | (7) | (70) | (77) | (47) | (116) | (163) | (16) | 5 | (11) | (35) | (89) | (124) | (34) | (32) | (66) | (37) | (31) | (68) | (49) | (16) | (65) | (57) | (5) | (62) | 0 | (87) | (87) | 8 | (1) | 7 | 0 | 0 | 0 | 0 | 0 | 0 | (107) | (199) | (307) | (168) | (243) | (410) |
| Add back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Business operating profit attributable to non-controlling interests | 71 | 78 | 149 | 78 | 79 | 157 | 239 | 231 | 470 | 234 | 232 | 466 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 311 | 308 | 619 | 312 | 311 | 623 |
| Net income before shareholders' taxes | 2,596 | 2,028 | 4,625 | 2,539 | 3,451 | 5,990 | 1,154 | 1,473 | 2,628 | 1,232 | 1,321 | 2,554 | 1,080 | 1,134 | 2,214 | 1,114 | 1,183 | 2,297 | (432) | (536) | (968) | (461) | (516) | (978) | (47) | (154) | (201) | 25 | (69) | (44) | 0 | 0 | 0 | 0 | 0 | 0 | 4,352 | 3,946 | 8,298 | 4,450 | 5,370 | 9,820 |
| Income tax expense/(benefit) attributable to policyholders (BOP relevant) | 2 | 3 | 5 | 0 | 2 | 2 | 130 | 32 | 163 | 77 | 141 | 218 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 132 | 35 | 168 | 78 | 143 | 221 |
| Net income before income taxes | 2,599 | 2,031 | 4,630 | 2,540 | 3,453 | 5,992 | 1,285 | 1,506 | 2,790 | 1,309 | 1,463 | 2,772 | 1,080 | 1,134 | 2,214 | 1,114 | 1,183 | 2,297 | (432) | (536) | (968) | (461) | (516) | (978) | (47) | (154) | (201) | 25 | (69) | (44) | 0 | 0 | 0 | 0 | 0 | 0 | 4,484 | 3,981 | 8,465 | 4,527 | 5,513 | 10,040 |
| Income tax (expense)/benefit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,264) | (997) | (2,261) | (1,246) | (1,594) | (2,840) |
| attributable to policyholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (131) | (48) | (179) | (74) | (155) | (229) |
| attributable to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,132) | (949) | (2,082) | (1,172) | (1,438) | (2,610) |
| Net income after taxes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,221 | 2,984 | 6,204 | 3,281 | 3,919 | 7,201 |
| attributable to non-controlling interests | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 194 | 196 | 390 | 216 | 186 | 403 |
| attributable to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,026 | 2,788 | 5,814 | 3,065 | 3,733 | 6,798 |
## BS by Business
Caption: in USD millions, as of
| USD million | Property & Casualty | Property & Casualty | Property & Casualty | Property & Casualty | Life | Life | Life | Life | Farmers | Farmers | Farmers | Farmers | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Group Functions and Operations | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Non-Core Businesses | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total |
| | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents | 6,668 | 7,468 | 8,184 | 7,782 | 4,962 | 4,614 | 4,543 | 3,970 | 831 | 914 | 461 | 906 | 3,305 | 2,829 | 1,777 | 2,268 | 408 | 558 | 657 | 539 | (9,590) | (9,615) | (8,813) | (8,380) | 6,585 | 6,768 | 6,809 | 7,086 |
| Total Group Investments | 68,085 | 68,038 | 72,543 | 74,246 | 81,715 | 80,027 | 89,971 | 89,951 | 1,155 | 1,163 | 1,218 | 1,080 | 7,470 | 7,074 | 8,138 | 8,482 | 3,899 | 3,707 | 3,033 | 2,930 | (8,209) | (7,447) | (7,745) | (7,684) | 154,116 | 152,562 | 167,159 | 169,006 |
| Equity securities | 8,944 | 8,796 | 10,155 | 11,174 | 5,761 | 5,243 | 5,684 | 6,406 | 43 | 57 | 41 | 50 | 21 | 24 | 37 | 45 | 57 | 61 | 80 | 66 | 0 | 0 | 0 | 0 | 14,826 | 14,182 | 15,997 | 17,741 |
| Debt securities | 48,953 | 49,404 | 52,105 | 52,941 | 61,014 | 60,194 | 67,876 | 67,371 | 1,059 | 1,068 | 1,140 | 1,008 | 4,139 | 4,255 | 5,115 | 5,574 | 3,562 | 3,494 | 2,799 | 2,689 | 0 | 0 | 0 | 0 | 118,727 | 118,415 | 129,036 | 129,583 |
| Investment property | 4,864 | 4,573 | 4,933 | 4,865 | 7,643 | 7,061 | 8,114 | 7,735 | 46 | 30 | 31 | 15 | 0 | 0 | 0 | 0 | 77 | 70 | 70 | 88 | 0 | 0 | 0 | 0 | 12,630 | 11,734 | 13,148 | 12,703 |
| Mortgage loans | 899 | 865 | 955 | 914 | 3,323 | 3,182 | 3,494 | 3,348 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,222 | 4,047 | 4,449 | 4,262 |
| Other financial assets | 4,421 | 4,396 | 4,280 | 4,239 | 3,948 | 4,324 | 4,773 | 5,060 | 6 | 7 | 7 | 7 | 3,265 | 2,677 | 2,868 | 2,763 | 144 | 82 | 83 | 88 | (8,209) | (7,447) | (7,745) | (7,684) | 3,576 | 4,039 | 4,266 | 4,474 |
| Investments in associates and joint ventures | 5 | 5 | 115 | 113 | 27 | 24 | 31 | 30 | 0 | 0 | 0 | 0 | 45 | 117 | 117 | 100 | 60 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136 | 146 | 263 | 243 |
Caption: Holding in affiliates
| USD million | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investments for unit-linked contracts | 0 | 0 | 0 | 0 | 142,301 | 144,343 | 160,679 | 171,605 | 1,357 | 1,422 | 1,478 | 1,573 | 0 | 0 | 0 | 0 | 2,752 | 2,769 | 2,809 | 2,876 | 0 | 0 | 0 | 0 | 146,410 | 148,535 | 164,966 | 176,054 |
| Total investments | 68,085 | 68,038 | 72,543 | 74,246 | 224,016 | 224,370 | 250,650 | 261,556 | 2,512 | 2,586 | 2,696 | 2,653 | 7,470 | 7,074 | 8,138 | 8,482 | 6,651 | 6,477 | 5,842 | 5,807 | (8,209) | (7,447) | (7,745) | (7,684) | 300,526 | 301,098 | 332,124 | 345,060 |
| Insurance contract assets | 313 | 342 | 370 | 319 | 340 | 426 | 561 | 590 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 653 | 768 | 931 | 909 |
| Reinsurance contract assets | 13,051 | 13,264 | 13,946 | 14,894 | 3,180 | 3,004 | 3,392 | 3,315 | 3,141 | 3,125 | 3,243 | 3,208 | 0 | 0 | 0 | 0 | 2,121 | 2,089 | 2,628 | 2,523 | (32) | (33) | (52) | (47) | 21,461 | 21,450 | 23,156 | 23,893 |
| Goodwill | 1,890 | 2,245 | 2,862 | 2,889 | 1,377 | 1,286 | 1,382 | 1,414 | 1,264 | 1,264 | 1,264 | 1,264 | 10 | 10 | 11 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,540 | 4,805 | 5,519 | 5,577 |
| Other intangible assets | 1,325 | 1,382 | 1,560 | 1,539 | 1,516 | 1,430 | 1,594 | 1,583 | 1,155 | 1,118 | 1,061 | 1,033 | 50 | 46 | 52 | 64 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,046 | 3,977 | 4,267 | 4,218 |
| Other assets | 6,383 | 6,854 | 7,461 | 7,325 | 8,020 | 5,287 | 5,726 | 5,772 | 3,528 | 3,550 | 3,539 | 3,624 | 2,700 | 4,219 | 3,916 | 4,276 | 2,216 | 2,176 | 2,417 | 2,244 | (2,779) | (2,946) | (3,319) | (2,774) | 20,068 | 19,140 | 19,739 | 20,468 |
| Total assets | 97,715 | 99,594 | 106,926 | 108,994 | 243,412 | 240,419 | 267,848 | 278,199 | 12,430 | 12,555 | 12,264 | 12,688 | 13,534 | 14,178 | 13,894 | 15,101 | 11,396 | 11,300 | 11,544 | 11,114 | (20,609) | (20,040) | (19,929) | (18,885) | 357,878 | 358,005 | 392,547 | 407,211 |
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities for investment contracts | 0 | 0 | 0 | 0 | 64,146 | 66,364 | 73,690 | 79,353 | 40 | 40 | 39 | 38 | 0 | 0 | 0 | 0 | 108 | 103 | 100 | 93 | 0 | 0 | 0 | 0 | 64,295 | 66,507 | 73,828 | 79,485 |
| Insurance contract liabilities | 62,066 | 63,083 | 68,965 | 69,543 | 156,298 | 154,192 | 171,803 | 175,741 | 5,541 | 5,579 | 5,677 | 5,610 | 3 | 3 | 2 | 0 | 7,855 | 7,652 | 8,379 | 8,197 | (29) | (30) | (48) | (46) | 231,734 | 230,479 | 254,778 | 259,043 |
| Reinsurance contract liabilities | 15 | 14 | 13 | 11 | 333 | 332 | 357 | 333 | 87 | 91 | 141 | 89 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 435 | 437 | 511 | 433 |
| Other liabilities | 11,094 | 11,715 | 12,376 | 13,316 | 10,872 | 7,823 | 9,089 | 9,669 | 1,348 | 1,398 | 1,420 | 1,512 | 8,948 | 9,998 | 9,886 | 9,113 | 2,619 | 2,492 | 1,952 | 1,729 | (12,484) | (12,673) | (12,253) | (11,278) | 22,397 | 20,753 | 22,470 | 24,062 |
| Senior debt | 1,155 | 987 | 1,179 | 1,235 | 437 | 0 | 14 | 27 | 0 | 0 | 0 | 0 | 8,690 | 7,537 | 7,858 | 7,624 | 292 | 324 | 221 | 184 | (5,582) | (4,828) | (4,861) | (4,824) | 4,992 | 4,020 | 4,411 | 4,246 |
| Subordinated debt | 910 | 901 | 987 | 969 | 607 | 601 | 658 | 646 | 0 | 0 | 0 | 0 | 9,459 | 9,880 | 11,217 | 10,898 | 0 | 0 | 0 | 0 | (2,516) | (2,511) | (2,768) | (2,738) | 8,460 | 8,871 | 10,093 | 9,775 |
| Total liabilities | 75,240 | 76,700 | 83,519 | 85,073 | 232,693 | 229,312 | 255,610 | 265,769 | 7,016 | 7,108 | 7,276 | 7,250 | 27,100 | 27,417 | 28,963 | 27,635 | 10,874 | 10,572 | 10,652 | 10,203 | (20,611) | (20,042) | (19,930) | (18,886) | 332,312 | 331,067 | 366,091 | 377,045 |
| Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | 24,119 | 25,472 | 24,725 | 28,515 |
| Non-controlling interests | | | | | | | | | | | | | | | | | | | | | | | | | 1,446 | 1,466 | 1,731 | 1,651 |
| Total equity | | | | | | | | | | | | | | | | | | | | | | | | | 25,565 | 26,938 | 26,456 | 30,166 |
| Total liabilities and equity (footnote: Assets and liabilities by business.) | | | | | | | | | | | | | | | | | | | | | | | | | 357,878 | 358,005 | 392,547 | 407,211 |
| Supplementary information | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Risk adjustment for non-financial risk | 1,081 | 1,098 | 1,140 | 1,160 | 1,692 | 1,429 | 1,555 | 1,485 | 15 | 17 | 18 | 20 | 0 | 0 | 0 | 0 | 71 | 70 | 69 | 61 | 0 | 0 | 0 | 0 | 2,859 | 2,614 | 2,782 | 2,726 |
| Liability for remaining coverage, net | 6,389 | 5,753 | 7,144 | 5,957 | 149,811 | 148,283 | 164,899 | 168,617 | 3,327 | 3,199 | 3,234 | 3,157 | 0 | (0) | 0 | 0 | 2,806 | 2,582 | 2,974 | 3,056 | 19 | 3 | 12 | 3 | 162,352 | 159,820 | 178,263 | 180,790 |
| Liability for incurred claims, net | 42,328 | 43,738 | 47,518 | 48,383 | 3,300 | 2,811 | 3,309 | 3,552 | (840) | (655) | (659) | (666) | 3 | 3 | 2 | 0 | 2,928 | 2,981 | 2,777 | 2,617 | (16) | (0) | (8) | (2) | 47,704 | 48,878 | 52,938 | 53,884 |
## P&C by Segment
Caption: in USD millions (footnote: Property & Casualty - Overview by segment.) (footnote: Hide.) (footnote: Includes add-back and international programs business.)
| USD million | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | North America | North America | North America | North America | North America | North America | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Latin America | Latin America | Latin America | Latin America | Latin America | Latin America | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue1 (footnote: 1.) | 8,989 | 9,662 | 18,651 | 9,801 | 10,851 | 20,652 | 9,970 | 11,015 | 20,985 | 10,520 | 11,599 | 22,119 | 1,746 | 2,047 | 3,793 | 2,004 | 2,103 | 4,107 | 1,573 | 1,589 | 3,162 | 1,566 | 1,679 | 3,245 | 398 | 400 | 799 | 414 | 417 | 831 | (1,232) | (1,367) | (2,598) | (1,292) | (1,429) | (2,721) | 21,446 | 23,346 | 44,792 | 23,014 | 25,220 | 48,234 |
| Insurance service expense: losses, gross | (5,364) | (6,576) | (11,940) | (5,506) | (6,583) | (12,089) | (5,577) | (7,304) | (12,881) | (5,516) | (6,917) | (12,433) | (815) | (960) | (1,775) | (984) | (1,159) | (2,143) | (630) | (475) | (1,105) | (540) | (580) | (1,120) | (208) | (415) | (623) | (198) | (213) | (411) | 487 | 1,272 | 1,758 | 360 | 635 | 996 | (12,108) | (14,458) | (26,566) | (12,384) | (14,818) | (27,202) |
| Insurance service expense: expenses, gross | (2,159) | (2,327) | (4,486) | (2,371) | (2,710) | (5,080) | (2,397) | (2,609) | (5,005) | (2,827) | (2,984) | (5,811) | (535) | (617) | (1,152) | (605) | (621) | (1,225) | (618) | (622) | (1,240) | (605) | (674) | (1,279) | (11) | (18) | (29) | (20) | (16) | (36) | (2) | 1 | (1) | (5) | (5) | (9) | (5,722) | (6,191) | (11,913) | (6,432) | (7,009) | (13,441) |
| Net expenses from reinsurance contracts held1 | (749) | (156) | (905) | (952) | (642) | (1,594) | (1,085) | (336) | (1,421) | (1,200) | (638) | (1,838) | (231) | (260) | (491) | (226) | (153) | (379) | (197) | (338) | (535) | (233) | (261) | (494) | (238) | (63) | (301) | (297) | (179) | (476) | 746 | 94 | 840 | 936 | 798 | 1,734 | (1,753) | (1,059) | (2,812) | (1,972) | (1,075) | (3,047) |
| Insurance service result | 716 | 603 | 1,320 | 973 | 916 | 1,889 | 912 | 766 | 1,678 | 977 | 1,060 | 2,037 | 165 | 210 | 375 | 189 | 170 | 359 | 129 | 154 | 282 | 189 | 164 | 352 | (59) | (96) | (154) | (101) | 8 | (92) | 0 | 0 | 0 | 0 | 0 | 0 | 1,863 | 1,637 | 3,500 | 2,227 | 2,318 | 4,545 |
| Net investment income on Group investments | 444 | 464 | 908 | 498 | 523 | 1,021 | 564 | 577 | 1,141 | 578 | 611 | 1,189 | 75 | 104 | 180 | 100 | 107 | 207 | 149 | 122 | 271 | 103 | 104 | 207 | 1 | 3 | 4 | (3) | 14 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 1,233 | 1,270 | 2,503 | 1,276 | 1,359 | 2,635 |
| Net capital gains/(losses) on Group investments | 53 | 26 | 79 | (7) | 49 | 42 | 88 | 106 | 194 | 39 | 134 | 172 | (2) | 1 | (1) | 0 | (3) | (3) | 12 | (17) | (5) | 2 | (2) | (0) | 1 | 2 | 3 | 2 | (2) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 152 | 117 | 269 | 36 | 175 | 211 |
| Net investment result on Group investments | 497 | 490 | 987 | 492 | 572 | 1,063 | 652 | 682 | 1,335 | 617 | 745 | 1,361 | 73 | 105 | 178 | 100 | 104 | 204 | 161 | 105 | 265 | 105 | 101 | 207 | 2 | 4 | 7 | (1) | 12 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 1,386 | 1,387 | 2,772 | 1,312 | 1,534 | 2,846 |
| Net investment income on unit-linked investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in liabilities for investment contracts and other funds | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Re-/Insurance finance income/(expenses) | (184) | (195) | (380) | (210) | (226) | (435) | (321) | (369) | (690) | (371) | (376) | (747) | (27) | (32) | (59) | (32) | (33) | (65) | (45) | (33) | (78) | (31) | (26) | (58) | (11) | (16) | (27) | (15) | (17) | (32) | 0 | 0 | 0 | 0 | (0) | (0) | (588) | (645) | (1,233) | (659) | (679) | (1,338) |
| Net investment result | 313 | 295 | 608 | 282 | 346 | 628 | 331 | 313 | 644 | 246 | 368 | 614 | 46 | 73 | 120 | 68 | 71 | 139 | 115 | 72 | 187 | 74 | 75 | 149 | (9) | (11) | (20) | (16) | (5) | (21) | 0 | 0 | 0 | 0 | (0) | (0) | 797 | 742 | 1,539 | 653 | 855 | 1,508 |
| Fee income | 109 | 113 | 222 | 115 | 121 | 236 | 104 | 102 | 206 | 133 | 116 | 250 | 30 | 25 | 55 | 19 | 26 | 45 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 243 | 240 | 483 | 267 | 263 | 530 |
| Fee business expenses | (83) | (87) | (170) | (86) | (95) | (181) | (65) | (70) | (134) | (104) | (78) | (182) | (37) | (42) | (79) | (36) | (47) | (83) | 0 | (0) | (0) | (1) | (1) | (2) | 0 | 0 | 0 | 0 | (0) | (0) | (1) | (1) | (2) | 1 | 0 | 1 | (186) | (200) | (385) | (227) | (221) | (448) |
| Fee result | 26 | 26 | 52 | 29 | 26 | 55 | 39 | 32 | 72 | 29 | 38 | 67 | (7) | (17) | (24) | (18) | (21) | (39) | 0 | (0) | (0) | (1) | (1) | (2) | 0 | 0 | 0 | 0 | (0) | (0) | (1) | (1) | (2) | 1 | 0 | 1 | 57 | 40 | 98 | 40 | 43 | 83 |
| Other result | (263) | (203) | (466) | (230) | (271) | (501) | (46) | (35) | (80) | (48) | (17) | (65) | (55) | (61) | (116) | (60) | (56) | (117) | (64) | (66) | (130) | (73) | (73) | (146) | 8 | 5 | 12 | (1) | (18) | (19) | 1 | 1 | 2 | (1) | 0 | (0) | (420) | (359) | (779) | (413) | (435) | (848) |
| of which: technical non-qualifying expense | (259) | (216) | (475) | (222) | (262) | (484) | (87) | (78) | (165) | (101) | (78) | (178) | (55) | (52) | (107) | (61) | (65) | (126) | (62) | (67) | (129) | (72) | (72) | (143) | (21) | (24) | (45) | (23) | (42) | (65) | 1 | 1 | 2 | (1) | (0) | (1) | (484) | (436) | (919) | (479) | (518) | (997) |
| Income tax (expense)/benefit attributable to policyholders (BOP relevant) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | (3) | (5) | (0) | (2) | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | (3) | (5) | (0) | (2) | (2) |
| Business operating profit before non-controlling interests | 792 | 721 | 1,514 | 1,053 | 1,017 | 2,071 | 1,236 | 1,077 | 2,313 | 1,204 | 1,449 | 2,654 | 147 | 203 | 349 | 179 | 162 | 340 | 180 | 159 | 339 | 188 | 165 | 354 | (60) | (102) | (162) | (118) | (15) | (133) | 0 | 0 | 0 | 0 | 0 | 0 | 2,296 | 2,058 | 4,353 | 2,507 | 2,779 | 5,286 |
| Non-controlling interest | 12 | 14 | 26 | 15 | 14 | 28 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 5 | 6 | (1) | (5) | (6) | 58 | 58 | 116 | 65 | 70 | 135 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71 | 78 | 149 | 78 | 79 | 157 |
| Business operating profit | 781 | 707 | 1,487 | 1,039 | 1,004 | 2,042 | 1,236 | 1,077 | 2,313 | 1,204 | 1,449 | 2,654 | 145 | 198 | 343 | 180 | 166 | 346 | 122 | 101 | 223 | 124 | 95 | 219 | (60) | (102) | (162) | (118) | (15) | (133) | 0 | 0 | 0 | 0 | 0 | 0 | 2,224 | 1,980 | 4,204 | 2,429 | 2,700 | 5,129 |
| Ratios, as % of insurance revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loss ratio | 68.0% | 69.7% | 68.9% | 65.9% | 66.6% | 66.3% | 66.8% | 69.4% | 68.2% | 63.8% | 65.1% | 64.5% | 59.9% | 59.6% | 59.7% | 60.4% | 62.4% | 61.4% | 52.6% | 51.2% | 51.9% | 49.4% | 50.1% | 49.7% | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | 64.6% | 66.5% | 65.6% | 62.4% | 63.0% | 62.7% |
| of which catastrophes | 1.0% | 1.7% | 1.4% | 1.0% | 0.5% | 0.7% | 3.5% | 5.4% | 4.5% | 2.9% | 0.6% | 1.7% | 0.2% | 0.0% | 0.1% | 0.5% | 0.3% | 0.4% | 0.6% | (0.0%) | 0.3% | 0.0% | 0.0% | 0.0% | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | 2.4% | 3.7% | 3.1% | 1.8% | 0.6% | 1.2% |
| of which discount impact (current accident year) | (3.2%) | (2.8%) | (3.0%) | (2.6%) | (2.5%) | (2.6%) | (4.9%) | (3.9%) | (4.4%) | (4.5%) | (3.8%) | (4.2%) | (1.5%) | (1.5%) | (1.5%) | (1.5%) | (1.6%) | (1.6%) | (1.9%) | (1.4%) | (1.7%) | (1.6%) | (1.1%) | (1.3%) | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | (4.0%) | (3.2%) | (3.6%) | (3.5%) | (3.1%) | (3.3%) |
| of which prior year development | (2.4%) | (2.1%) | (2.3%) | (2.6%) | (2.4%) | (2.5%) | (1.0%) | (1.0%) | (1.0%) | (1.3%) | (0.5%) | (0.9%) | (3.2%) | (1.2%) | (2.2%) | (4.2%) | (2.1%) | (3.2%) | 0.1% | (0.1%) | (0.0%) | (2.0%) | (0.0%) | (1.0%) | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | (1.6%) | (1.5%) | (1.6%) | (1.8%) | (1.7%) | (1.8%) |
| Expense ratio2 (footnote: 2.) (footnote: Includes insurance service expenses reported in the insurance service result, as well as technical non-qualifying expenses reported in the other result.) | 26.9% | 26.3% | 26.6% | 26.5% | 27.4% | 26.9% | 24.9% | 24.4% | 24.6% | 27.8% | 26.4% | 27.1% | 33.8% | 32.7% | 33.2% | 33.2% | 32.6% | 32.9% | 43.2% | 43.4% | 43.3% | 43.2% | 44.4% | 43.8% | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | 28.9% | 28.4% | 28.6% | 30.0% | 29.8% | 29.9% |
| Combined ratio | 94.9% | 96.0% | 95.5% | 92.3% | 94.0% | 93.2% | 91.7% | 93.7% | 92.8% | 91.7% | 91.5% | 91.6% | 93.7% | 92.2% | 92.9% | 93.6% | 95.0% | 94.3% | 95.8% | 94.5% | 95.1% | 92.5% | 94.5% | 93.6% | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | 93.6% | 94.9% | 94.2% | 92.4% | 92.9% | 92.6% |
## P&C by Country & Customer Unit
Caption: in USD millions
| USD million | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Germany | 1,963 | 1,434 | 3,398 | 2,186 | 1,749 | 3,935 | 1,546 | 1,697 | 3,244 | 1,724 | 2,028 | 3,752 | 0 | 28 | 28 | 204 | 171 | 375 | 104.7% | 104.0% | 104.3% | 92.4% | 95.5% | 94.1% | 73.6% | 73.4% | 73.5% | 63.2% | 65.1% | 64.3% | 31.1% | 30.6% | 30.8% | 29.2% | 30.4% | 29.8% |
| Ireland | 250 | 224 | 474 | 248 | 242 | 490 | 230 | 239 | 469 | 236 | 255 | 491 | 33 | 40 | 72 | 24 | 54 | 78 | 88.5% | 86.8% | 87.7% | 93.4% | 82.7% | 87.8% | 59.8% | 58.7% | 59.2% | 64.7% | 53.5% | 58.9% | 28.7% | 28.1% | 28.4% | 28.7% | 29.2% | 29.0% |
| Italy | 936 | 950 | 1,886 | 982 | 1,081 | 2,063 | 866 | 935 | 1,801 | 936 | 1,048 | 1,983 | 107 | 85 | 192 | 122 | 94 | 216 | 90.3% | 93.2% | 91.8% | 89.5% | 93.9% | 91.8% | 61.2% | 64.9% | 63.1% | 59.4% | 64.1% | 61.9% | 29.1% | 28.3% | 28.7% | 30.1% | 29.8% | 29.9% |
| Spain | 808 | 722 | 1,531 | 897 | 874 | 1,771 | 713 | 747 | 1,459 | 784 | 893 | 1,677 | 37 | 35 | 72 | 60 | 63 | 123 | 96.1% | 96.2% | 96.2% | 93.4% | 94.5% | 94.0% | 62.7% | 61.7% | 62.2% | 59.7% | 61.0% | 60.4% | 33.4% | 34.5% | 34.0% | 33.8% | 33.5% | 33.6% |
| Switzerland | 2,920 | 1,337 | 4,257 | 3,109 | 1,611 | 4,720 | 1,948 | 2,115 | 4,063 | 2,133 | 2,362 | 4,494 | 168 | 161 | 329 | 185 | 199 | 384 | 95.4% | 96.3% | 95.9% | 93.1% | 94.9% | 94.0% | 73.9% | 75.6% | 74.8% | 72.5% | 73.9% | 73.2% | 21.5% | 20.7% | 21.1% | 20.5% | 21.0% | 20.8% |
| United Kingdom | 2,546 | 2,412 | 4,958 | 2,683 | 2,465 | 5,148 | 2,294 | 2,483 | 4,777 | 2,431 | 2,511 | 4,942 | 294 | 231 | 525 | 364 | 295 | 658 | 89.4% | 93.8% | 91.7% | 87.5% | 91.6% | 89.6% | 63.5% | 67.3% | 65.5% | 60.3% | 63.4% | 61.9% | 25.9% | 26.5% | 26.2% | 27.2% | 28.2% | 27.7% |
| Rest of Europe, Middle East & Africa | 1,710 | 1,401 | 3,111 | 1,905 | 1,675 | 3,579 | 1,393 | 1,446 | 2,838 | 1,559 | 1,755 | 3,314 | 142 | 127 | 269 | 80 | 129 | 209 | 95.8% | 93.2% | 94.5% | 99.8% | 95.7% | 97.7% | 69.3% | 69.8% | 69.6% | 75.6% | 69.3% | 72.2% | 26.5% | 23.3% | 24.9% | 24.2% | 26.5% | 25.4% |
| Europe, Middle East & Africa | 11,134 | 8,481 | 19,615 | 12,009 | 9,698 | 21,707 | 8,989 | 9,662 | 18,651 | 9,801 | 10,851 | 20,652 | 781 | 707 | 1,487 | 1,039 | 1,004 | 2,042 | 94.9% | 96.0% | 95.5% | 92.3% | 94.0% | 93.2% | 68.0% | 69.7% | 68.9% | 65.9% | 66.6% | 66.3% | 26.9% | 26.3% | 26.6% | 26.5% | 27.4% | 26.9% |
| United States | 11,120 | 9,367 | 20,487 | 11,332 | 9,616 | 20,948 | 9,405 | 10,424 | 19,829 | 9,562 | 10,572 | 20,134 | 1,067 | 1,051 | 2,118 | 1,067 | 1,282 | 2,348 | 92.7% | 93.3% | 93.0% | 92.2% | 91.9% | 92.0% | 68.0% | 69.1% | 68.6% | 66.6% | 66.8% | 66.7% | 24.6% | 24.2% | 24.4% | 25.6% | 25.1% | 25.3% |
| Rest of North America | 484 | 613 | 1,096 | 1,114 | 1,048 | 2,162 | 566 | 591 | 1,156 | 958 | 1,027 | 1,984 | 169 | 26 | 195 | 138 | 168 | 306 | 76.3% | 101.6% | 89.2% | 86.7% | 88.0% | 87.4% | 46.8% | 74.8% | 61.1% | 36.2% | 48.1% | 42.4% | 29.6% | 26.8% | 28.2% | 50.5% | 39.9% | 45.0% |
| North America | 11,604 | 9,980 | 21,584 | 12,446 | 10,664 | 23,110 | 9,970 | 11,015 | 20,985 | 10,520 | 11,599 | 22,119 | 1,236 | 1,077 | 2,313 | 1,204 | 1,449 | 2,654 | 91.7% | 93.7% | 92.8% | 91.7% | 91.5% | 91.6% | 66.8% | 69.4% | 68.2% | 63.8% | 65.1% | 64.5% | 24.9% | 24.4% | 24.6% | 27.8% | 26.4% | 27.1% |
| Australia | 673 | 719 | 1,392 | 621 | 697 | 1,319 | 660 | 702 | 1,362 | 639 | 664 | 1,303 | 59 | 44 | 103 | 81 | 62 | 144 | 93.8% | 96.5% | 95.2% | 90.0% | 94.1% | 92.1% | 58.1% | 61.0% | 59.6% | 55.6% | 61.5% | 58.6% | 35.8% | 35.5% | 35.6% | 34.3% | 32.6% | 33.5% |
| Japan | 410 | 412 | 822 | 445 | 433 | 878 | 384 | 440 | 824 | 439 | 447 | 886 | 24 | 69 | 93 | 55 | 48 | 103 | 93.9% | 84.5% | 88.9% | 87.6% | 89.7% | 88.6% | 57.0% | 50.0% | 53.3% | 53.4% | 54.0% | 53.7% | 36.8% | 34.5% | 35.6% | 34.2% | 35.6% | 34.9% |
| Rest of Asia Pacific | 765 | 984 | 1,748 | 1,044 | 1,039 | 2,082 | 702 | 905 | 1,607 | 926 | 991 | 1,918 | 62 | 84 | 147 | 44 | 56 | 100 | 93.5% | 92.7% | 93.1% | 99.0% | 98.0% | 98.5% | 63.2% | 63.1% | 63.2% | 67.0% | 66.8% | 66.9% | 30.3% | 29.6% | 29.9% | 32.0% | 31.2% | 31.6% |
| Asia Pacific | 1,847 | 2,115 | 3,963 | 2,110 | 2,169 | 4,279 | 1,746 | 2,047 | 3,793 | 2,004 | 2,103 | 4,107 | 145 | 198 | 343 | 180 | 166 | 346 | 93.7% | 92.2% | 92.9% | 93.6% | 95.0% | 94.3% | 59.9% | 59.6% | 59.7% | 60.4% | 62.4% | 61.4% | 33.8% | 32.7% | 33.2% | 33.2% | 32.6% | 32.9% |
| Argentina | 278 | 304 | 582 | 287 | 265 | 552 | 224 | 264 | 489 | 268 | 240 | 508 | 26 | 6 | 33 | 22 | 13 | 35 | 118.3% | 106.4% | 111.8% | 99.3% | 99.2% | 99.2% | 76.1% | 67.8% | 71.6% | 62.6% | 59.4% | 61.1% | 42.1% | 38.5% | 40.2% | 36.7% | 39.8% | 38.1% |
| Brazil | 483 | 520 | 1,003 | 496 | 567 | 1,063 | 450 | 446 | 896 | 448 | 507 | 955 | 35 | 34 | 70 | 32 | 37 | 70 | 97.7% | 98.4% | 98.0% | 97.1% | 99.1% | 98.2% | 41.6% | 43.7% | 42.6% | 43.8% | 45.4% | 44.7% | 56.1% | 54.7% | 55.4% | 53.3% | 53.7% | 53.5% |
| Rest of Latin America | 1,003 | 918 | 1,921 | 866 | 1,020 | 1,886 | 899 | 878 | 1,777 | 850 | 933 | 1,782 | 60 | 60 | 121 | 69 | 45 | 114 | 89.2% | 89.0% | 89.1% | 88.0% | 90.8% | 89.5% | 52.2% | 50.0% | 51.1% | 48.1% | 50.2% | 49.2% | 37.0% | 39.1% | 38.0% | 39.9% | 40.6% | 40.3% |
| Latin America | 1,764 | 1,742 | 3,506 | 1,649 | 1,852 | 3,501 | 1,573 | 1,589 | 3,162 | 1,566 | 1,679 | 3,245 | 122 | 101 | 223 | 124 | 95 | 219 | 95.8% | 94.5% | 95.1% | 92.5% | 94.5% | 93.6% | 52.6% | 51.2% | 51.9% | 49.4% | 50.1% | 49.7% | 43.2% | 43.4% | 43.3% | 43.2% | 44.4% | 43.8% |
| Group Reinsurance | 547 | 343 | 890 | 564 | 352 | 916 | 398 | 400 | 799 | 414 | 417 | 831 | (60) | (102) | (162) | (118) | (15) | (133) | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm |
| Eliminations | (1,554) | (1,380) | (2,934) | (1,635) | (1,457) | (3,092) | (1,232) | (1,367) | (2,598) | (1,292) | (1,429) | (2,721) | (0) | 0 | (0) | 0 | 0 | 0 | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm |
| Total (footnote: Property & Casualty - Overview by country.) | 25,342 | 21,282 | 46,624 | 27,144 | 23,278 | 50,422 | 21,446 | 23,346 | 44,792 | 23,014 | 25,220 | 48,234 | 2,224 | 1,980 | 4,204 | 2,429 | 2,700 | 5,129 | 93.6% | 94.9% | 94.2% | 92.4% | 92.9% | 92.6% | 64.6% | 66.5% | 65.6% | 62.4% | 63.0% | 62.7% | 28.9% | 28.4% | 28.6% | 30.0% | 29.8% | 29.9% |
Caption: in USD millions
| USD million | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Gross written premium | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Combined ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Loss ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio | Expense ratio |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial insurance | 16,408 | 13,438 | 29,847 | 16,886 | 14,093 | 30,979 | 13,752 | 14,983 | 28,735 | 14,121 | 15,477 | 29,599 | 1,781 | 1,605 | 3,387 | 1,824 | 1,966 | 3,790 | 91.4% | 93.1% | 92.3% | 90.5% | 91.5% | 91.0% | 66.3% | 68.5% | 67.4% | 64.6% | 66.0% | 65.4% | 25.0% | 24.7% | 24.8% | 25.8% | 25.5% | 25.7% |
| Retail and SME | 8,865 | 7,873 | 16,738 | 10,175 | 9,221 | 19,396 | 7,661 | 8,324 | 15,984 | 8,845 | 9,708 | 18,553 | 502 | 477 | 980 | 723 | 748 | 1,471 | 96.4% | 96.5% | 96.5% | 94.1% | 94.6% | 94.4% | 60.9% | 61.8% | 61.3% | 57.7% | 58.4% | 58.1% | 35.6% | 34.7% | 35.1% | 36.3% | 36.3% | 36.3% |
| Group Reinsurance | 547 | 343 | 890 | 564 | 352 | 916 | 398 | 400 | 799 | 414 | 417 | 831 | (60) | (102) | (162) | (118) | (15) | (133) | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm |
| Eliminations | (478) | (372) | (850) | (481) | (388) | (870) | (365) | (361) | (726) | (366) | (383) | (749) | 0 | 0 | 0 | 0 | 0 | 0 | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm | nm |
| Total (footnote: Property & Casualty - Overview by customer unit.) | 25,342 | 21,282 | 46,624 | 27,144 | 23,278 | 50,422 | 21,446 | 23,346 | 44,792 | 23,014 | 25,220 | 48,234 | 2,224 | 1,980 | 4,204 | 2,429 | 2,700 | 5,129 | 93.6% | 94.9% | 94.2% | 92.4% | 92.9% | 92.6% | 64.6% | 66.5% | 65.6% | 62.4% | 63.0% | 62.7% | 28.9% | 28.4% | 28.6% | 30.0% | 29.8% | 29.9% |
## Life by Segment
Caption: in USD millions
| USD million | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | North America | North America | North America | North America | North America | North America | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Latin America (footnote: Includes USD 4 million and USD 5 million adjustments related to Argentina and Turkey hyperinflation for 2025 and 2024, respectively.) | Latin America | Latin America | Latin America | Latin America | Latin America | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue | 3,219 | 3,347 | 6,566 | 3,295 | 3,863 | 7,158 | 81 | 79 | 160 | 38 | 36 | 74 | 1,138 | 1,164 | 2,302 | 1,164 | 1,240 | 2,404 | 1,366 | 1,320 | 2,687 | 1,286 | 1,416 | 2,702 | 13 | 14 | 27 | 16 | 18 | 34 | (21) | (22) | (43) | (24) | (25) | (49) | 5,797 | 5,903 | 11,700 | 5,775 | 6,548 | 12,323 |
| Insurance service expense | (2,495) | (2,504) | (4,999) | (2,549) | (2,902) | (5,451) | (47) | (36) | (83) | (16) | (25) | (41) | (947) | (1,062) | (2,009) | (997) | (1,149) | (2,146) | (1,062) | (997) | (2,060) | (940) | (1,100) | (2,039) | (4) | (11) | (15) | (3) | (21) | (24) | 15 | 20 | 36 | 8 | 30 | 38 | (4,541) | (4,590) | (9,130) | (4,497) | (5,167) | (9,663) |
| Net expenses from reinsurance contracts held | (25) | (87) | (113) | (43) | (130) | (173) | (13) | (18) | (31) | (11) | (5) | (16) | (39) | 56 | 17 | (32) | 73 | 42 | (8) | (25) | (33) | (19) | (12) | (31) | (5) | (4) | (8) | (4) | (1) | (5) | 6 | 2 | 7 | 16 | (5) | 12 | (85) | (76) | (161) | (93) | (79) | (171) |
| Insurance service result (footnote: Insurance service result - Additional information.) | 698 | 756 | 1,455 | 703 | 831 | 1,534 | 21 | 25 | 46 | 11 | 6 | 17 | 152 | 158 | 310 | 135 | 165 | 300 | 296 | 298 | 594 | 327 | 305 | 632 | 4 | (1) | 4 | 9 | (4) | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 1,172 | 1,237 | 2,409 | 1,186 | 1,302 | 2,488 |
| Net investment income on Group investments | 1,135 | 1,117 | 2,252 | 1,112 | 1,208 | 2,320 | 31 | 33 | 64 | 9 | 10 | 18 | 113 | 127 | 240 | 112 | 139 | 251 | 243 | 194 | 437 | 142 | 147 | 289 | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (1) | (0) | (0) | (0) | 1,521 | 1,471 | 2,992 | 1,375 | 1,504 | 2,879 |
| Net capital gains/(losses) on Group investments | (34) | (62) | (96) | (143) | 2 | (140) | 13 | 5 | 18 | (0) | (0) | (0) | (2) | (5) | (6) | 2 | (3) | (1) | (23) | (10) | (33) | 2 | 7 | 9 | (2) | (1) | (3) | (1) | (2) | (3) | 0 | 0 | 0 | 0 | 0 | 0 | (48) | (73) | (121) | (140) | 5 | (135) |
| Net investment result on Group investments | 1,100 | 1,056 | 2,156 | 969 | 1,211 | 2,180 | 44 | 37 | 82 | 9 | 10 | 18 | 111 | 122 | 234 | 114 | 137 | 251 | 219 | 184 | 404 | 144 | 153 | 297 | (2) | (1) | (3) | (1) | (2) | (3) | (0) | (0) | (1) | (0) | (0) | (0) | 1,473 | 1,398 | 2,871 | 1,235 | 1,509 | 2,744 |
| Net investment income on unit-linked investments | 588 | 572 | 1,160 | 608 | 599 | 1,207 | 0 | 0 | 0 | 0 | 0 | 0 | 30 | 35 | 65 | 18 | 21 | 39 | 23 | 13 | 35 | 15 | 13 | 28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 641 | 619 | 1,260 | 640 | 633 | 1,274 |
| Change in liabilities for investment contracts and other funds | (423) | (373) | (796) | (453) | (400) | (853) | 0 | 0 | 0 | 0 | 0 | 0 | (21) | (25) | (47) | (10) | (15) | (25) | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (444) | (398) | (842) | (463) | (416) | (879) |
| Re-/Insurance finance income/(expenses) | (1,073) | (1,064) | (2,137) | (1,025) | (1,121) | (2,146) | (50) | (43) | (93) | (7) | (7) | (14) | (96) | (89) | (184) | (87) | (99) | (186) | (161) | (110) | (271) | (63) | (74) | (137) | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | (1,380) | (1,305) | (2,685) | (1,181) | (1,302) | (2,483) |
| Net investment result | 193 | 191 | 384 | 100 | 288 | 389 | (6) | (5) | (11) | 1 | 3 | 4 | 24 | 43 | 67 | 35 | 43 | 78 | 81 | 87 | 168 | 96 | 92 | 188 | (2) | (1) | (3) | (1) | (2) | (3) | (0) | (0) | (1) | (0) | (0) | (0) | 290 | 314 | 604 | 231 | 424 | 656 |
| Fee income | 426 | 462 | 888 | 476 | 581 | 1,057 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 18 | 43 | 21 | 17 | 38 | 9 | 11 | 20 | 11 | (1) | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 460 | 491 | 951 | 508 | 597 | 1,105 |
| Fee business expenses | (315) | (310) | (624) | (341) | (383) | (724) | (0) | 0 | (0) | 0 | 0 | 0 | (4) | (4) | (8) | (5) | (4) | (8) | (7) | (6) | (13) | (7) | (2) | (9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (326) | (320) | (646) | (353) | (389) | (742) |
| Fee result | 112 | 152 | 264 | 135 | 198 | 332 | (0) | 0 | (0) | 0 | 0 | 0 | 20 | 15 | 35 | 17 | 13 | 30 | 2 | 5 | 7 | 4 | (4) | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 134 | 172 | 306 | 155 | 207 | 363 |
| Other revenues | 118 | 66 | 184 | 64 | 55 | 120 | 16 | 14 | 30 | 0 | (0) | 0 | 10 | 6 | 17 | 7 | 11 | 17 | 13 | 12 | 25 | 7 | 10 | 18 | 2 | 1 | 3 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 159 | 100 | 259 | 79 | 77 | 156 |
| Interest expense on debt | (10) | (3) | (13) | (7) | (18) | (25) | (0) | (0) | (0) | (0) | (0) | (0) | (20) | (18) | (38) | (2) | (3) | (5) | (2) | (1) | (3) | (1) | (1) | (3) | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 1 | 0 | 0 | 0 | (31) | (22) | (53) | (10) | (22) | (33) |
| Other expenses | (205) | (245) | (450) | (224) | (311) | (535) | (1) | (7) | (8) | (0) | (1) | (1) | (64) | (71) | (136) | (66) | (64) | (130) | (63) | (45) | (108) | (73) | (119) | (191) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (333) | (368) | (701) | (363) | (494) | (857) |
| Restructuring costs and other items not relevant for BOP | 19 | 44 | 64 | 45 | 67 | 112 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 1 | 6 | 3 | 5 | 8 | 2 | (28) | (26) | 16 | 64 | 80 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26 | 18 | 44 | 64 | 136 | 200 |
| Other result | (78) | (137) | (215) | (121) | (207) | (328) | 15 | 7 | 23 | (0) | (1) | (2) | (69) | (82) | (151) | (59) | (50) | (109) | (49) | (62) | (111) | (50) | (46) | (96) | 2 | 1 | 2 | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | (179) | (272) | (451) | (230) | (303) | (534) |
| Income tax (expense)/benefit attributable to policyholders (BOP relevant) | (116) | (26) | (141) | (70) | (133) | (204) | 0 | 0 | 0 | 0 | 0 | 0 | (14) | (6) | (20) | (7) | (8) | (14) | (1) | (0) | (1) | (0) | (0) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (130) | (32) | (163) | (77) | (141) | (218) |
| Business operating profit before non-controlling interests | 809 | 937 | 1,746 | 747 | 977 | 1,724 | 30 | 27 | 57 | 12 | 7 | 19 | 114 | 128 | 242 | 121 | 163 | 284 | 330 | 328 | 657 | 377 | 348 | 725 | 4 | (1) | 3 | 8 | (6) | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 1,287 | 1,418 | 2,705 | 1,265 | 1,490 | 2,754 |
| Non-controlling interest | 86 | 86 | 171 | 80 | 82 | 162 | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | (1) | (2) | (2) | 154 | 146 | 300 | 154 | 152 | 306 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 239 | 231 | 470 | 234 | 232 | 466 |
| Business operating profit (footnote: Life - Overview by segment.) (footnote: 1.) | 724 | 851 | 1,575 | 666 | 896 | 1,562 | 30 | 27 | 57 | 12 | 7 | 19 | 114 | 129 | 243 | 122 | 164 | 286 | 175 | 182 | 357 | 223 | 196 | 418 | 4 | (1) | 3 | 8 | (6) | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 1,048 | 1,187 | 2,235 | 1,031 | 1,258 | 2,288 |
Caption: Insurance service result breakdown by segment and period for fiscal years 2024 and 2025
| USD million | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | Europe, Middle East & Africa | North America | North America | North America | North America | North America | North America | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Asia Pacific | Latin America | Latin America | Latin America | Latin America | Latin America | Latin America | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Group Reinsurance | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Total | Total | Total | Total | Total | Total |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CSM amortization | 530 | 578 | 1,109 | 566 | 688 | 1,254 | 12 | 16 | 28 | 12 | 11 | 23 | 131 | 129 | 260 | 125 | 130 | 255 | 56 | 54 | 110 | 55 | 59 | 114 | 1 | 1 | 2 | 1 | 2 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 731 | 778 | 1,509 | 760 | 890 | 1,650 |
| Release of risk adjustment | 55 | 54 | 109 | 57 | 60 | 117 | 2 | 2 | 3 | 0 | 0 | 1 | 26 | 27 | 53 | 24 | 27 | 50 | 4 | 4 | 8 | 4 | 4 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87 | 87 | 174 | 84 | 91 | 176 |
| Insurance result - short-term life business | 8 | 14 | 22 | 10 | 5 | 15 | 0 | 1 | 1 | 2 | (0) | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 249 | 254 | 502 | 275 | 265 | 541 | (2) | (3) | (5) | 1 | (13) | (12) | 0 | 0 | 0 | 0 | 0 | 0 | 255 | 266 | 521 | 288 | 257 | 545 |
| Insurance margin | 593 | 646 | 1,239 | 633 | 754 | 1,386 | 14 | 18 | 32 | 14 | 11 | 25 | 158 | 156 | 314 | 149 | 156 | 305 | 309 | 312 | 621 | 334 | 328 | 662 | (1) | (2) | (3) | 2 | (11) | (8) | 0 | 0 | 0 | 0 | 0 | 0 | 1,072 | 1,131 | 2,204 | 1,132 | 1,238 | 2,370 |
| Onerous contracts (footnote: Excludes impact of onerous contracts.) | (11) | (34) | (45) | (3) | 3 | 0 | (7) | 34 | 27 | (1) | (2) | (3) | (6) | 21 | 15 | (22) | 54 | 32 | (2) | 3 | 1 | (1) | (7) | (8) | 0 | (0) | (0) | (0) | (0) | (0) | 0 | 0 | 0 | (0) | 0 | (0) | (25) | 24 | (2) | (28) | 49 | 21 |
| Experience adjustments | 116 | 144 | 260 | 73 | 75 | 148 | 14 | (27) | (13) | (2) | (3) | (5) | 1 | (19) | (19) | 9 | (46) | (37) | (11) | (16) | (27) | (6) | (17) | (22) | 6 | 1 | 7 | 7 | 6 | 13 | (0) | (0) | (1) | 0 | (0) | 0 | 125 | 82 | 207 | 82 | 15 | 97 |
| Insurance service result (footnote: 2.) | 698 | 756 | 1,455 | 703 | 831 | 1,534 | 21 | 25 | 46 | 11 | 6 | 17 | 152 | 158 | 310 | 135 | 165 | 300 | 296 | 298 | 594 | 327 | 305 | 632 | 4 | (1) | 4 | 9 | (4) | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 1,172 | 1,237 | 2,409 | 1,186 | 1,302 | 2,488 |
## Life Details
Caption: PVNBP, new business CSM, and new business margin breakdown by product type for fiscal years 2024 and 2025 (footnote: Life BBA, VFA New Business.) (footnote: CSM walk.)
| USD million | Protection (footnote: Protection.) | Protection | Protection | Protection | Protection | Protection | Unit-linked (footnote: Unit-linked.) | Unit-linked | Unit-linked | Unit-linked | Unit-linked | Unit-linked | Savings and annuities (footnote: Savings and annuities.) | Savings and annuities | Savings and annuities | Savings and annuities | Savings and annuities | Savings and annuities | Total (long-term insurance contracts) (footnote: Total (long-term insurance contracts).) | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| PVNBP | 3,074 | 2,664 | 5,738 | 3,056 | 3,570 | 6,626 | 4,599 | 4,760 | 9,359 | 4,631 | 4,234 | 8,865 | 837 | 956 | 1,793 | 2,352 | 1,654 | 4,006 | 8,510 | 8,381 | 16,891 | 10,039 | 9,458 | 19,497 |
| New business CSM | 375 | 347 | 721 | 385 | 468 | 853 | 134 | 168 | 301 | 160 | 177 | 338 | 35 | 36 | 71 | 26 | 15 | 41 | 543 | 550 | 1,094 | 572 | 660 | 1,231 |
| New business margin | 12.18% | 13.02% | 12.57% | 12.60% | 13.10% | 12.87% | 2.91% | 3.52% | 3.22% | 3.46% | 4.19% | 3.81% | 4.19% | 3.77% | 3.97% | 1.12% | 0.89% | 1.02% | 6.38% | 6.57% | 6.48% | 5.69% | 6.97% | 6.31% |
Caption: CSM rollforward by product type for fiscal years 2024 and 2025 (footnote: Life PAA.)
| USD million | Protection | Protection | Protection | Protection | Unit-linked | Unit-linked | Unit-linked | Unit-linked | Savings and annuities | Savings and annuities | Savings and annuities | Savings and annuities | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) | Total (long-term insurance contracts) |
| | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 |
| | H1 | FY-24 | H1 | FY-25 | H1 | FY-24 | H1 | FY-25 | H1 | FY-24 | H1 | FY-25 | H1 | FY-24 | H1 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CSM beginning of period | 3,989 | 3,989 | 3,872 | 3,872 | 5,188 | 5,188 | 5,270 | 5,270 | 2,349 | 2,349 | 2,515 | 2,515 | 11,526 | 11,526 | 11,657 | 11,657 |
| New business CSM | 375 | 721 | 385 | 853 | 134 | 301 | 160 | 338 | 35 | 71 | 26 | 41 | 543 | 1,094 | 572 | 1,231 |
| Expected return | 51 | 109 | 51 | 137 | 170 | 365 | 170 | 316 | 52 | 129 | 73 | 144 | 273 | 603 | 293 | 598 |
| Operating variances | (14) | 96 | 161 | 182 | 238 | (56) | (55) | (725) | 50 | 220 | 3 | 690 | 273 | 260 | 109 | 147 |
| Economic variances (footnote: 1Economic variances have been restated to exclude the expected return (previously included within economic variances), which is now presented separately.) | (32) | 9 | 6 | 53 | 13 | 204 | (64) | 138 | (72) | 88 | 174 | 257 | (91) | 301 | 116 | 448 |
| FX foreign currency movements | (196) | (272) | 476 | 424 | (216) | (332) | 549 | 559 | (119) | (171) | 332 | 354 | (531) | (774) | 1,358 | 1,337 |
| Other | 37 | 27 | (51) | 622 | 2 | (6) | 16 | (516) | 113 | 130 | 23 | (117) | 152 | 151 | (13) | (11) |
| CSM before release | 4,210 | 4,679 | 4,900 | 6,142 | 5,527 | 5,664 | 6,046 | 5,380 | 2,408 | 2,818 | 3,145 | 3,884 | 12,145 | 13,161 | 14,091 | 15,405 |
| CSM amortization | (399) | (806) | (395) | (913) | (198) | (395) | (209) | (385) | (132) | (303) | (155) | (348) | (729) | (1,504) | (759) | (1,646) |
| CSM end of period | 3,811 | 3,872 | 4,505 | 5,228 | 5,329 | 5,270 | 5,837 | 4,995 | 2,276 | 2,515 | 2,990 | 3,536 | 11,415 | 11,657 | 13,332 | 13,760 |
Caption: Insurance revenue and insurance service result for fiscal years 2024 and 2025 (footnote: Life Investment Contracts.)
| USD million | Total | Total | Total | Total | Total | Total |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue | 1,363 | 1,441 | 2,804 | 1,378 | 1,615 | 2,993 |
| Insurance service result | 255 | 265 | 520 | 289 | 254 | 543 |
Caption: Fee service result and KPIs for fiscal years 2024 and 2025
| USD million | Total | Total | Total | Total | Total | Total |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- |
| Fee revenues | 345 | 372 | 717 | 384 | 453 | 837 |
| Fee service expenses | (225) | (222) | (447) | (245) | (270) | (515) |
| Fee service result | 120 | 151 | 270 | 140 | 183 | 322 |
| KPIs | | | | | | |
| Average AuM | 111,176 | 114,367 | 112,789 | 123,266 | 133,040 | 125,754 |
| Fee revenue / average AuM | 0.62% | 0.65% | 0.64% | 0.62% | 0.68% | 0.67% |
| Cost income ratio (%) | 65% | 60% | 62% | 64% | 60% | 61% |
| Fee service result / average AuM | 0.22% | 0.26% | 0.24% | 0.23% | 0.27% | 0.26% |
## Life by Country
Caption: Gross premiums and deposits, insurance revenue, and business operating profit breakdown by region and country for fiscal years 2024 and 2025 (footnote: Life overview by region & major BU.) (footnote: 1.)
| USD million | Gross premiums and deposits1 (footnote: Gross written premiums for Protection, gross policyholder inflows for Savings & Annuities and Unit-linked (including investment and asset management contracts).) | Gross premiums and deposits1 | Gross premiums and deposits1 | Gross premiums and deposits1 | Gross premiums and deposits1 | Gross premiums and deposits1 | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Insurance revenue | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit | Business operating profit |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Germany | 1,470 | 1,393 | 2,863 | 1,403 | 1,718 | 3,121 | 542 | 652 | 1,194 | 556 | 740 | 1,296 | 128 | 208 | 337 | 102 | 122 | 224 |
| Ireland | 3,034 | 3,624 | 6,658 | 3,084 | 3,522 | 6,605 | 181 | 192 | 373 | 198 | 216 | 414 | 49 | 65 | 115 | 74 | 83 | 156 |
| Italy | 758 | 767 | 1,524 | 913 | 1,070 | 1,983 | 145 | 166 | 310 | 172 | 197 | 369 | 34 | 25 | 59 | 30 | 36 | 66 |
| Spain | 1,353 | 1,197 | 2,550 | 2,982 | 2,268 | 5,250 | 316 | 304 | 620 | 310 | 349 | 659 | 117 | 122 | 240 | 111 | 118 | 229 |
| Switzerland | 1,566 | 1,730 | 3,296 | 1,628 | 1,795 | 3,423 | 689 | 648 | 1,337 | 724 | 738 | 1,462 | 178 | 198 | 376 | 185 | 222 | 407 |
| United Kingdom | 848 | 679 | 1,527 | 901 | 791 | 1,692 | 838 | 753 | 1,591 | 796 | 928 | 1,724 | 114 | 90 | 203 | 67 | 117 | 183 |
| Zurich International | 984 | 1,100 | 2,083 | 1,016 | 1,120 | 2,136 | 283 | 289 | 572 | 281 | 291 | 573 | 33 | 45 | 79 | 12 | 114 | 126 |
| Rest of Europe, Middle East & Africa | 594 | 589 | 1,183 | 692 | 536 | 1,228 | 226 | 343 | 569 | 259 | 403 | 661 | 70 | 97 | 167 | 86 | 85 | 172 |
| Europe, Middle East & Africa | 10,607 | 11,079 | 21,686 | 12,619 | 12,820 | 25,439 | 3,219 | 3,347 | 6,566 | 3,295 | 3,863 | 7,158 | 724 | 851 | 1,575 | 666 | 896 | 1,562 |
| North America | 494 | 555 | 1,049 | 614 | 270 | 884 | 81 | 79 | 160 | 38 | 36 | 74 | 30 | 27 | 57 | 12 | 7 | 19 |
| Australia | 929 | 962 | 1,890 | 1,127 | 988 | 2,114 | 870 | 876 | 1,747 | 852 | 907 | 1,758 | 65 | 52 | 117 | 56 | 82 | 138 |
| Japan | 225 | 243 | 468 | 262 | 274 | 536 | 138 | 142 | 281 | 156 | 170 | 326 | 34 | 35 | 70 | 28 | 27 | 55 |
| Rest of Asia Pacific | 202 | 253 | 455 | 263 | 329 | 592 | 129 | 146 | 275 | 157 | 163 | 320 | 15 | 41 | 56 | 38 | 55 | 94 |
| Asia Pacific | 1,356 | 1,457 | 2,813 | 1,652 | 1,591 | 3,243 | 1,138 | 1,164 | 2,302 | 1,164 | 1,240 | 2,404 | 114 | 129 | 243 | 122 | 164 | 286 |
| Argentina | 122 | 129 | 250 | 134 | 122 | 256 | 70 | 82 | 152 | 80 | 76 | 155 | 6 | 14 | 21 | 35 | 31 | 66 |
| Brazil | 2,641 | 2,720 | 5,361 | 2,207 | 2,119 | 4,326 | 715 | 673 | 1,388 | 671 | 737 | 1,408 | 97 | 89 | 186 | 101 | 99 | 199 |
| Rest of Latin America | 1,329 | 1,082 | 2,412 | 1,151 | 1,132 | 2,282 | 581 | 565 | 1,147 | 535 | 603 | 1,139 | 72 | 79 | 151 | 87 | 66 | 153 |
| Latin America | 4,093 | 3,931 | 8,024 | 3,492 | 3,372 | 6,864 | 1,366 | 1,320 | 2,687 | 1,286 | 1,416 | 2,702 | 175 | 182 | 357 | 223 | 196 | 418 |
| Group Reinsurance | nm | nm | nm | nm | nm | nm | 13 | 14 | 27 | 16 | 18 | 34 | 4 | (1) | 3 | 8 | (6) | 3 |
| Eliminations | (262) | (249) | (511) | (144) | (91) | (235) | (21) | (22) | (43) | (24) | (25) | (49) | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 16,287 | 16,773 | 33,061 | 18,233 | 17,961 | 36,194 | 5,797 | 5,903 | 11,700 | 5,775 | 6,548 | 12,323 | 1,048 | 1,187 | 2,235 | 1,031 | 1,258 | 2,288 |
## Life Reserves Liabilities AUM
Caption: Total reserves and liabilities breakdown by region and contract type for fiscal years 2024 and 2025
| USD million | Total reserves and liabilities (footnote: Life - Reserves and liabilities, net of reinsurance by accounting approach.) | Total reserves and liabilities | Total reserves and liabilities | Total reserves and liabilities | of which: investment contracts | of which: investment contracts | of which: investment contracts | of which: investment contracts | of which: VFA unit-linked insurance contracts | of which: VFA unit-linked insurance contracts | of which: VFA unit-linked insurance contracts | of which: VFA unit-linked insurance contracts | of which: VFA non unit-linked insurance contracts | of which: VFA non unit-linked insurance contracts | of which: VFA non unit-linked insurance contracts | of which: VFA non unit-linked insurance contracts | of which: Life BBA and PAA | of which: Life BBA and PAA | of which: Life BBA and PAA | of which: Life BBA and PAA |
| | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Europe, Middle East & Africa | 176,494 | 176,570 | 197,225 | 204,748 | 62,868 | 65,211 | 73,024 | 78,926 | 51,978 | 51,889 | 56,986 | 62,877 | 48,283 | 46,429 | 51,275 | 46,073 | 13,365 | 13,042 | 15,939 | 16,871 |
| of which: | | | | | | | | | | | | | | | | | | | | |
| Germany | 47,412 | 46,278 | 50,968 | 50,863 | 27 | 26 | 30 | 30 | 26,397 | 25,891 | 28,702 | 30,118 | 21,207 | 20,499 | 22,447 | 20,910 | (219) | (138) | (211) | (195) |
| Ireland | 40,424 | 43,047 | 49,448 | 54,358 | 37,722 | 40,437 | 46,547 | 51,510 | 325 | 309 | 339 | 83 | 1,327 | 1,235 | 1,390 | 1,614 | 1,050 | 1,066 | 1,173 | 1,151 |
| Italy | 10,544 | 10,588 | 11,990 | 12,602 | 1,067 | 1,181 | 1,295 | 1,359 | 6,448 | 6,547 | 7,601 | 8,183 | 2,983 | 2,836 | 3,036 | 3,033 | 46 | 25 | 57 | 27 |
| Spain | 10,606 | 10,404 | 13,065 | 13,865 | 0 | 0 | 0 | 0 | 866 | 827 | 755 | 636 | 101 | 105 | 124 | 129 | 9,639 | 9,472 | 12,187 | 13,101 |
| Switzerland | 20,671 | 20,706 | 23,089 | 23,239 | 0 | 0 | 0 | 0 | 751 | 1,669 | 1,879 | 5,820 | 19,807 | 18,980 | 21,268 | 17,442 | 114 | 57 | (57) | (23) |
| United Kingdom | 28,075 | 26,481 | 28,166 | 27,977 | 12,908 | 12,104 | 12,802 | 12,714 | 12,047 | 11,461 | 12,215 | 12,167 | 914 | 871 | 923 | 886 | 2,206 | 2,045 | 2,227 | 2,209 |
| Zurich International | 15,424 | 15,771 | 16,859 | 18,199 | 10,555 | 10,895 | 11,735 | 12,706 | 4,701 | 4,735 | 4,997 | 5,332 | 8 | (9) | (7) | (9) | 160 | 150 | 134 | 170 |
| Rest of Europe, Middle East & Africa | 3,338 | 3,295 | 3,639 | 3,646 | 589 | 569 | 616 | 607 | 443 | 451 | 498 | 538 | 1,937 | 1,911 | 2,095 | 2,070 | 369 | 365 | 430 | 431 |
| North America | 13,545 | 14,314 | 14,474 | 15,278 | 0 | 0 | 0 | 0 | 12,726 | 13,487 | 14,443 | 15,238 | 0 | 0 | 0 | 0 | 819 | 827 | 31 | 40 |
| Asia Pacific | 5,707 | 5,622 | 5,234 | 5,066 | 1,275 | 1,149 | 660 | 421 | 787 | 746 | 828 | 957 | 937 | 1,075 | 1,095 | 1,153 | 2,708 | 2,651 | 2,651 | 2,536 |
| Latin America | 21,499 | 20,938 | 24,951 | 26,406 | 3 | 3 | 6 | 6 | 19,590 | 19,174 | 22,915 | 24,238 | (0) | (0) | (0) | (0) | 1,906 | 1,762 | 2,031 | 2,163 |
| Group Reinsurance | 11 | 13 | 11 | 24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 13 | 11 | 24 |
| Eliminations | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Total | 217,257 | 217,458 | 241,897 | 251,522 | 64,146 | 66,364 | 73,690 | 79,353 | 85,081 | 85,296 | 95,173 | 103,309 | 49,220 | 47,503 | 52,371 | 47,226 | 18,809 | 18,296 | 20,664 | 21,633 |
Caption: Assets under management rollforward by type for fiscal years 2024 and 2025
| USD million | Total | Total | Total | Total | Total | Total | of which: Investment and asset management contracts | of which: Investment and asset management contracts | of which: Investment and asset management contracts | of which: Investment and asset management contracts | of which: Investment and asset management contracts | of which: Investment and asset management contracts |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AuM beginning of the period (footnote: Life assets under management.) | 259,476 | 277,586 | 259,476 | 278,600 | 312,055 | 278,600 | 109,599 | 112,753 | 109,599 | 115,980 | 130,552 | 115,980 |
| Net inflows | 2,240 | 2,624 | 4,864 | 3,121 | 3,246 | 6,367 | 255 | 1,474 | 1,729 | (369) | 2,335 | 1,966 |
| Other | 27,627 | 7,016 | 34,643 | (2,538) | 6,615 | 4,077 | 7,365 | 4,506 | 11,871 | 235 | 2,704 | 2,939 |
| FX | (11,757) | (8,625) | (20,382) | 32,872 | (216) | 32,656 | (4,465) | (2,753) | (7,218) | 14,705 | (63) | 14,642 |
| AuM end of period | 277,586 | 278,600 | 278,600 | 312,055 | 321,700 | 321,700 | 112,753 | 115,980 | 115,980 | 130,552 | 135,527 | 135,527 |
| of which unit-linked | 142,301 | 144,343 | 144,343 | 160,679 | 171,605 | 171,605 | 0 | 0 | 0 | 0 | 0 | 0 |
| of which group investments | 86,678 | 84,641 | 84,641 | 94,515 | 93,921 | 93,921 | 0 | 0 | 0 | 0 | 0 | 0 |
| of which 3rd party investments | 48,607 | 49,616 | 49,616 | 56,862 | 56,174 | 56,174 | 0 | 0 | 0 | 0 | 0 | 0 |
## Farmers
Caption: Business operating profit breakdown by segment for Farmers for fiscal years 2024 and 2025 (footnote: Farmers - Overview.) (footnote: Hide.) (footnote: 1.) (footnote: Includes eliminations.) (footnote: Insurance service result - Additional information.)
| USD million | Farmers life1 | Farmers life1 | Farmers life1 | Farmers life1 | Farmers life1 | Farmers life1 | Farmers management services | Farmers management services | Farmers management services | Farmers management services | Farmers management services | Farmers management services | Farmers re | Farmers re | Farmers re | Farmers re | Farmers re | Farmers re | Total | Total | Total | Total | Total | Total |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insurance revenue | 503 | 509 | 1,012 | 509 | 498 | 1,007 | 0 | 0 | 0 | 0 | 0 | 0 | 953 | 976 | 1,929 | 603 | 635 | 1,238 | 1,456 | 1,485 | 2,941 | 1,112 | 1,134 | 2,245 |
| Insurance service expense | (406) | (328) | (734) | (367) | (365) | (732) | 0 | 0 | 0 | 0 | 0 | 0 | (898) | (892) | (1,790) | (531) | (504) | (1,034) | (1,305) | (1,220) | (2,525) | (897) | (869) | (1,766) |
| Net expenses from reinsurance contracts held | (64) | (145) | (209) | (108) | (103) | (211) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (64) | (145) | (209) | (108) | (103) | (211) |
| Insurance service result | 33 | 36 | 69 | 34 | 30 | 64 | 0 | 0 | 0 | 0 | 0 | 0 | 55 | 84 | 139 | 72 | 132 | 204 | 88 | 120 | 208 | 106 | 161 | 268 |
| Net investment income on Group investments | 13 | 12 | 26 | 13 | 12 | 25 | (0) | (0) | (0) | (0) | (0) | (0) | 10 | 11 | 21 | 12 | 12 | 24 | 23 | 23 | 46 | 25 | 24 | 49 |
| Net capital gains/(losses) on Group investments | 0 | (0) | 0 | 0 | 0 | 0 | (3) | (0) | (4) | 0 | 0 | 0 | 0 | (0) | (0) | 0 | (0) | (0) | (3) | (0) | (4) | 0 | 0 | 0 |
| Net investment result on Group investments | 13 | 12 | 26 | 13 | 12 | 25 | (3) | (0) | (4) | (0) | (0) | (0) | 10 | 11 | 21 | 12 | 12 | 24 | 20 | 23 | 43 | 25 | 24 | 49 |
| Net investment income on unit-linked investments | 19 | 46 | 64 | 49 | 79 | 128 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19 | 46 | 64 | 49 | 79 | 128 |
| Change in liabilities for investment contracts and other funds | (1) | (1) | (2) | (1) | (1) | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (2) | (1) | (1) | (1) |
| Re-/Insurance finance income/(expenses) | (24) | (53) | (77) | (58) | (86) | (144) | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 15 | 30 | 9 | 6 | 14 | (9) | (38) | (47) | (50) | (80) | (130) |
| Net investment result | 7 | 4 | 11 | 3 | 4 | 7 | (3) | (0) | (4) | (0) | (0) | (0) | 25 | 26 | 51 | 20 | 18 | 38 | 29 | 29 | 58 | 23 | 22 | 45 |
| Fee income | 0 | 0 | 0 | 0 | 0 | 0 | 2,266 | 2,311 | 4,577 | 2,273 | 2,464 | 4,737 | 0 | 0 | 0 | 0 | 0 | 0 | 2,266 | 2,311 | 4,577 | 2,273 | 2,464 | 4,737 |
| Fee business expenses | 0 | (0) | 0 | 0 | 0 | 0 | (1,250) | (1,285) | (2,535) | (1,229) | (1,401) | (2,631) | 0 | 0 | 0 | 0 | 0 | 0 | (1,250) | (1,285) | (2,535) | (1,229) | (1,401) | (2,631) |
| Fee result | 0 | (0) | 0 | 0 | 0 | 0 | 1,015 | 1,026 | 2,041 | 1,044 | 1,063 | 2,106 | 0 | 0 | 0 | 0 | 0 | 0 | 1,016 | 1,026 | 2,042 | 1,044 | 1,063 | 2,106 |
| Other revenues | 3 | 1 | 4 | (0) | (1) | (1) | 25 | 35 | 60 | 23 | 37 | 60 | 1 | 1 | 2 | 1 | 1 | 2 | 29 | 38 | 67 | 24 | 37 | 61 |
| Interest expense on debt | (0) | (0) | (0) | (0) | (0) | (0) | (7) | 0 | (7) | 0 | 0 | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (7) | (0) | (7) | (0) | (0) | (0) |
| Other expenses | (35) | (29) | (65) | (37) | (43) | (79) | (39) | (47) | (86) | (46) | (62) | (108) | (0) | (0) | (1) | (0) | (0) | (1) | (75) | (77) | (152) | (83) | (105) | (188) |
| Restructuring costs and other items not relevant for BOP | 0 | 0 | 0 | 0 | 2 | 2 | 35 | 34 | 70 | 41 | 53 | 94 | 0 | 0 | 0 | 0 | 0 | 0 | 35 | 35 | 70 | 41 | 55 | 96 |
| Other result | (32) | (28) | (60) | (37) | (42) | (78) | 14 | 23 | 37 | 17 | 28 | 46 | 1 | 1 | 2 | 0 | 0 | 1 | (17) | (4) | (22) | (19) | (13) | (32) |
| Of which: technical non-qualifying expense | (35) | (29) | (64) | (36) | (41) | (77) | (1) | (1) | (2) | (1) | (1) | (2) | (0) | (0) | (1) | (0) | (0) | (1) | (37) | (30) | (67) | (38) | (43) | (80) |
| Of which: other management related income/(expenses) | | | | | | | (33) | (30) | (63) | (30) | (30) | (59) | | | | | | | | | | | | |
| Income tax (expense)/benefit attributable to policyholders (BOP relevant) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Business operating profit before non-controlling interests | 8 | 11 | 20 | 1 | (8) | (7) | 1,026 | 1,048 | 2,074 | 1,061 | 1,091 | 2,152 | 81 | 111 | 192 | 93 | 150 | 243 | 1,115 | 1,171 | 2,286 | 1,154 | 1,233 | 2,387 |
| Non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Business operating profit | 8 | 11 | 20 | 1 | (8) | (7) | 1,026 | 1,048 | 2,074 | 1,061 | 1,091 | 2,152 | 81 | 111 | 192 | 93 | 150 | 243 | 1,115 | 1,171 | 2,286 | 1,154 | 1,233 | 2,387 |
| Additional information: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross management result | | | | | | | 968 | 992 | 1,960 | 994 | 1,025 | 2,020 | | | | | | | | | | | | |
| Ratios, as % of insurance revenue | | | | | | | | | | | | | | | | | | | | | | | | |
| Loss ratio | | | | | | | | | | | | | 94.2% | 91.3% | 92.8% | 88.0% | 79.2% | 83.5% | | | | | | |
| Expense ratio | | | | | | | | | | | | | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | | | | | | |
| Combined ratio | | | | | | | | | | | | | 94.3% | 91.4% | 92.8% | 88.1% | 79.3% | 83.6% | | | | | | |
Caption: Insurance service result build-up for Farmers Life for fiscal years 2024 and 2025
| USD million | Farmers life | Farmers life | Farmers life | Farmers life | Farmers life | Farmers life |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- |
| CSM amortization | 31 | 34 | 65 | 38 | 38 | 75 |
| Release of risk adjustment | (0) | (0) | (0) | 0 | (0) | 0 |
| Insurance result - short-term life business | 0 | 0 | 0 | 0 | 0 | 0 |
| Insurance margin | 30 | 34 | 65 | 38 | 38 | 76 |
| Onerous contracts | 1 | 1 | 1 | 0 | 1 | 1 |
| Experience adjustments | 2 | 1 | 2 | (4) | (9) | (12) |
| Insurance service result | 33 | 36 | 69 | 34 | 30 | 64 |
## Group Functions and Ops
Caption: Business operating profit breakdown by segment for Group Functions and Operations for fiscal years 2024 and 2025 (footnote: Group Functions and Operations.) (footnote: 1.)
| USD million | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- |
| Business operating profit: | | | | | | |
| Holding and financing | (210) | (285) | (496) | (216) | (267) | (483) |
| Headquarters (footnote: Includes only central initiatives.) | (144) | (211) | (354) | (175) | (225) | (400) |
| Zurich global ventures1 | (4) | (16) | (20) | (7) | (11) | (17) |
| Total business operating profit | (358) | (512) | (870) | (397) | (502) | (900) |
## Investment Result and Yield
Caption: Net investment result breakdown by type for fiscal years 2024 and 2025
| USD million | Net investment income (footnote: Includes change of ECL allowance.) | Net investment income | Net investment income | Net investment income | Net investment income | Net investment income | Net capital gains/(losses)1 (footnote: 1.) | Net capital gains/(losses)1 | Net capital gains/(losses)1 | Net capital gains/(losses)1 | Net capital gains/(losses)1 | Net capital gains/(losses)1 | Net investment result | Net investment result | Net investment result | Net investment result | Net investment result | Net investment result |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Group investments | | | | | | | | | | | | | | | | | | |
| Investment-related cash | 25 | 24 | 49 | 19 | 16 | 35 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 24 | 49 | 19 | 16 | 35 |
| Equity securities | 211 | 203 | 414 | 225 | 238 | 463 | 1,102 | 383 | 1,485 | 395 | 1,115 | 1,510 | 1,313 | 586 | 1,899 | 621 | 1,352 | 1,973 |
| Debt securities | 2,303 | 2,296 | 4,599 | 2,249 | 2,442 | 4,690 | (324) | (121) | (444) | (118) | 48 | (70) | 1,979 | 2,175 | 4,155 | 2,131 | 2,490 | 4,620 |
| Investment property | 246 | 225 | 471 | 214 | 222 | 436 | (91) | 160 | 69 | 8 | 376 | 384 | 155 | 385 | 540 | 223 | 597 | 820 |
| Mortgage loans | 47 | 45 | 92 | 38 | 37 | 75 | (0) | (2) | (2) | 0 | (1) | (1) | 46 | 43 | 90 | 38 | 36 | 74 |
| Other financial assets | 119 | 161 | 280 | 111 | 116 | 227 | (1) | 62 | 61 | 1 | (7) | (6) | 119 | 223 | 341 | 112 | 109 | 221 |
| Investments in associates and joint ventures | 1 | (5) | (3) | (4) | (2) | (6) | 0 | 0 | 0 | 0 | (0) | (0) | 1 | (5) | (3) | (4) | (2) | (6) |
| Derivative financial instruments | (1) | 10 | 9 | 2 | (0) | 2 | (51) | 119 | 68 | 70 | (36) | 34 | (52) | 130 | 77 | 72 | (36) | 37 |
| Investment result, gross, for Group investments | 2,951 | 2,960 | 5,911 | 2,854 | 3,069 | 5,922 | 635 | 601 | 1,237 | 357 | 1,494 | 1,851 | 3,586 | 3,562 | 7,148 | 3,210 | 4,563 | 7,773 |
| Investment expenses for Group investments | (89) | (92) | (181) | (85) | (94) | (180) | 0 | 0 | 0 | 0 | 0 | 0 | (89) | (92) | (181) | (85) | (94) | (180) |
| Foreign currency gains and losses | 0 | 0 | 0 | 0 | 0 | 0 | (112) | (40) | (153) | (83) | 42 | (41) | (112) | (40) | (153) | (83) | 42 | (41) |
| Investment result, net, for Group investments | 2,862 | 2,868 | 5,730 | 2,768 | 2,974 | 5,742 | 523 | 561 | 1,084 | 274 | 1,536 | 1,810 | 3,385 | 3,429 | 6,814 | 3,042 | 4,510 | 7,552 |
| Investment result, net, for unit-linked contracts | 660 | 665 | 1,325 | 690 | 712 | 1,402 | 9,058 | 6,001 | 15,059 | 1,974 | 11,419 | 13,393 | 9,718 | 6,666 | 16,384 | 2,664 | 12,131 | 14,795 |
| Investment result, net, for total investments (footnote: Net investment result on total investments.) | 3,522 | 3,533 | 7,055 | 3,458 | 3,686 | 7,144 | 9,581 | 6,562 | 16,143 | 2,248 | 12,955 | 15,203 | 13,103 | 10,095 | 23,198 | 5,706 | 16,641 | 22,348 |
Caption: Investment yield by segment for fiscal years 2024 and 2025
| USD million | Property & casualty | Property & casualty | Property & casualty | Property & casualty | Property & casualty | Property & casualty | Life | Life | Life | Life | Life | Life | Group | Group | Group | Group | Group | Group |
| | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Book yield of debt securities (approximated) (footnote: Book yield calculated as weighted-average portfolio yield of debt securities during the period on an annual basis.) | 3.5% | 3.6% | 3.6% | 3.8% | 3.9% | 3.9% | 2.9% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.2% | 3.3% | 3.2% | 3.4% | 3.4% | 3.4% |
| Reinvestment yield of debt securities (approximated) (footnote: 2.) (footnote: Reinvestment yield calculated as weighted-average trade yield of purchased debt securities with maturity > 90 days during the period, based on transaction-level data, on an annual basis.) | 5.0% | 5.0% | 5.0% | 4.7% | 4.4% | 4.5% | 4.1% | 3.8% | 4.0% | 3.4% | 3.6% | 3.5% | 4.6% | 4.5% | 4.6% | 4.1% | 4.0% | 4.0% |
| Investment income yield of total group investments, net of investment expenses (footnote: Investment income yield.) (footnote: 3.) (footnote: Investment income yield calculated based on average Group Investments (accounting view).) | 1.8% | 1.9% | 3.8% | 1.9% | 1.9% | 3.9% | 1.8% | 1.7% | 3.6% | 1.7% | 1.7% | 3.4% | 1.8% | 1.8% | 3.7% | 1.7% | 1.7% | 3.5% |
## Investments
Caption: Total investments breakdown by asset class for fiscal years 2024 and 2025 (footnote: Portfolio Overview - additional information.)
| | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Total investments (footnote: Market value of the investment portfolio (economic view).) | 165 | 161 | 175 | 178 |
| Government and government guaranteed (footnote: Includes government and government guaranteed, credit and private debt exposure.) | 32.8% | 34.0% | 33.3% | 33.0% |
| Credit, private debt | 43.3% | 42.6% | 43.4% | 43.5% |
| Mortgages | 2.6% | 2.5% | 2.5% | 2.3% |
| Real estate | 8.8% | 8.0% | 8.2% | 7.9% |
| Equities | 4.5% | 4.3% | 4.6% | 5.1% |
| Hedge funds, private equity | 2.5% | 2.6% | 2.5% | 2.5% |
| Cash | 5.3% | 6.0% | 5.4% | 5.5% |
Caption: Rating of fixed income securities breakdown by rating for fiscal years 2024 and 2025
| | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Rating of fixed income securities2 | 125 | 123 | 135 | 136 |
| AAA | 21.4% | 21.2% | 20.5% | 20.5% |
| AA | 29.9% | 31.5% | 29.9% | 25.4% |
| A | 19.1% | 18.1% | 18.4% | 26.5% |
| BBB | 24.1% | 23.5% | 24.3% | 20.1% |
| Non-investment grade | 5.5% | 5.6% | 6.8% | 7.5% |
| Unrated | 0.0% | 0.0% | 0.0% | 0.0% |
Caption: Rating of government and government guaranteed securities breakdown by rating for fiscal years 2024 and 2025
| | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Rating of government & government guaranteed securities | 54 | 55 | 58 | 59 |
| AAA | 27.3% | 26.6% | 26.9% | 27.3% |
| AA | 49.5% | 51.1% | 48.9% | 39.4% |
| A | 5.2% | 4.4% | 3.4% | 20.2% |
| BBB | 14.5% | 14.9% | 17.1% | 9.3% |
| Non-investment grade | 3.5% | 3.0% | 3.8% | 3.8% |
| Unrated | 0.0% | 0.0% | 0.0% | 0.0% |
Caption: Credit and private debt securities breakdown by rating for half-years 2024 and 2025
| | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Rating of credit, private debt securities | 71 | 68 | 76 | 77 |
| AAA | 16.9% | 16.9% | 15.6% | 15.4% |
| AA | 15.0% | 15.9% | 15.4% | 14.7% |
| A | 29.6% | 29.2% | 29.9% | 31.3% |
| BBB | 31.4% | 30.4% | 29.9% | 28.3% |
| Non-investment grade | 7.0% | 7.6% | 9.2% | 10.3% |
| Unrated | 0.0% | 0.0% | 0.0% | 0.0% |
Caption: Government and government guaranteed securities breakdown by country for half-years 2024 and 2025
| | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Government and government guaranteed | 54 | 55 | 58 | 59 |
| USA | 24.4% | 24.6% | 19.9% | 19.7% |
| Italy | 6.2% | 6.0% | 5.7% | 6.4% |
| Germany | 9.2% | 8.6% | 8.1% | 7.5% |
| Spain | 8.5% | 8.4% | 9.0% | 8.5% |
| France | 8.7% | 9.0% | 9.5% | 8.3% |
| Switzerland | 6.8% | 7.2% | 7.5% | 7.7% |
| UK | 5.9% | 5.4% | 5.4% | 5.5% |
| Other | 30.2% | 30.7% | 34.8% | 36.3% |
Caption: Credit and private debt breakdown by type for half-years 2024 and 2025
| | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Credit and private debt | 71 | 68 | 76 | 77 |
| Non-financial credit | 32.5% | 31.7% | 33.3% | 33.5% |
| Financial credit | 26.0% | 26.4% | 26.2% | 25.6% |
| Municipals, agencies, state credit | 16.8% | 17.1% | 16.2% | 15.9% |
| Asset backed securities | 8.4% | 8.2% | 7.6% | 7.6% |
| Covered bonds | 4.8% | 5.0% | 5.0% | 4.6% |
| Other | 11.6% | 11.7% | 11.8% | 12.8% |
Caption: Non-financial credit breakdown by sector for half-years 2024 and 2025 (footnote: 1.) (footnote: 2.)
| | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Non-financial credit | 23 | 22 | 25 | 26 |
| Transport & utilities | 28.2% | 27.3% | 27.1% | 26.8% |
| Manufacturing | 16.6% | 17.4% | 18.1% | 18.0% |
| Telecom | 14.7% | 15.0% | 14.5% | 14.9% |
| Retail and consumer business | 16.0% | 16.1% | 16.7% | 16.4% |
| Chemicals & pharmaceuticals | 10.8% | 10.7% | 10.5% | 10.5% |
| Other | 13.6% | 13.4% | 13.0% | 13.3% |
## RoE, EPS and BVPS
Caption: Core ROE and NIAS ROE calculation for half-years and fiscal years 2024 and 2025
| USD million | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- |
| Core ROE calculation | | | | | | |
| BOP | 3,988 | 3,763 | 7,751 | 4,227 | 4,629 | 8,856 |
| Shareholders' effective tax rate (in %) | 26.0% | 24.1% | 25.1% | 26.3% | 26.8% | 26.6% |
| BOP after tax | 2,951 | 2,855 | 5,804 | 3,115 | 3,386 | 6,500 |
| NIAS | 3,026 | 2,788 | 5,814 | 3,065 | 3,733 | 6,798 |
| Average adjusted shareholders' equity | 23,402 | 23,688 | 23,545 | 23,678 | 24,696 | 24,187 |
| Core ROE (in %) | 25.2% | 24.1% | 24.6% | 26.3% | 27.4% | 26.9% |
| NIAS ROE (in %) | 25.9% | 23.5% | 24.7% | 25.9% | 30.2% | 28.1% |
Caption: Shares in issue for half-years and fiscal years 2024 and 2025 (footnote: 1.)
| USD million | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- |
| Shares in issue (footnote: Shares in issue.) | | | | | | |
| Common shares issued | 146 | 146 | 146 | 146 | 146 | 146 |
| Treasury shares | 2 | 4 | 4 | 4 | 4 | 4 |
| Common shares outstanding | 144 | 142 | 142 | 143 | 142 | 142 |
| Weighted average for basic EPS | 144 | 143 | 144 | 143 | 143 | 143 |
| Dilution impact | 1 | 1 | 1 | 1 | 1 | 1 |
| Weighted average for diluted EPS (footnote: Business Operating Profit after tax divided by weighted average number of shares (diluted).) | 145 | 144 | 145 | 144 | 144 | 144 |
## Equity
Caption: Total equity rollforward for half-years and fiscal years 2024 and 2025
| USD million | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- |
| '''Total equity, as previously reported''' | 26,280 | 25,565 | 26,280 | 26,938 | 26,456 | 26,938 |
| Non-controlling interests | 1,419 | 1,446 | 1,419 | 1,466 | 1,731 | 1,466 |
| '''Shareholders' equity (footnote: Movement in shareholders' equity in period.)''' | 24,860 | 24,119 | 24,860 | 25,472 | 24,725 | 25,472 |
| Issuance of share capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends to shareholders | (4,156) | 0 | (4,156) | (4,665) | 0 | (4,665) |
| Treasury share transactions | 121 | (1,211) | (1,090) | 166 | (245) | (80) |
| NIAS | 3,026 | 2,788 | 5,814 | 3,065 | 3,733 | 6,798 |
| Change in discount rate for insurance/reinsurance contracts | 571 | (490) | 81 | 147 | 99 | 245 |
| Change in fair value of underlying investment | 932 | (828) | 104 | 1,032 | 560 | 1,592 |
| Net unrealized gains/(losses) on financial assets (footnote: Includes net unrealized gains/(losses) on financial assets, net change in discount rate for (re-)insurance contracts and net change in fair value of underlying items through OCI.) | (1,402) | 1,257 | (144) | (495) | (336) | (830) |
| CTA | (3) | (439) | (442) | 390 | (265) | 125 |
| Net actuarial gains/(losses) on pension plans | 232 | 136 | 368 | (235) | 111 | (123) |
| Share-based payment transactions | (62) | 138 | 76 | (158) | 132 | (26) |
| Other | (0) | 0 | (0) | 6 | 1 | 7 |
| '''Shareholders' equity''' | 24,119 | 25,472 | 25,472 | 24,725 | 28,515 | 28,515 |
| Non-controlling interests | 1,446 | 1,466 | 1,466 | 1,731 | 1,651 | 1,651 |
| '''Total equity, end of period''' | 25,565 | 26,938 | 26,938 | 26,456 | 30,166 | 30,166 |
Caption: Total equity build-up for half-years 2024 and 2025
| USD million | 2024 | 2024 | 2025 | 2025 |
| | H1 | H2 | H1 | H2 |
| --- | --- | --- | --- | --- |
| Share capital | 11 | 11 | 11 | 11 |
| Treasury shares | (0) | (0) | (0) | (0) |
| Additional paid-in capital | 1,272 | 1,410 | 1,240 | 1,372 |
| Net unrealized gains/(losses) on financial assets | (5,708) | (4,448) | (4,942) | (5,278) |
| Change in discount rate for insurance/reinsurance contracts | 4,862 | 4,372 | 4,519 | 4,618 |
| Change in fair value of underlying investment | 1,985 | 1,158 | 2,190 | 2,750 |
| Cumulative foreign currency translation adjustment | (10,659) | (11,103) | (10,707) | (10,964) |
| Share of other comprehensive income of equity accounted investments | (2) | (3) | (5) | (4) |
| Revaluation reserve | 254 | 254 | 236 | 225 |
| Retained earnings | 32,104 | 33,823 | 32,184 | 35,786 |
| Common shareholders' equity | 24,119 | 25,472 | 24,725 | 28,515 |
| Preferred securities | 0 | 0 | 0 | 0 |
| Shareholders' equity (footnote: Breakdown of shareholders' equity at end of period.) | 24,119 | 25,472 | 24,725 | 28,515 |
| Non-controlling interests | 1,446 | 1,466 | 1,731 | 1,651 |
| Total equity | 25,565 | 26,938 | 26,456 | 30,166 |
Caption: Shareholders' equity rollforward by half-year for fiscal years 2024 and 2025
| USD million | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| | H1 | H2 | FY-24 | H1 | H2 | FY-25 |
| --- | --- | --- | --- | --- | --- | --- |
| Shareholders' equity at end of period (footnote: Calculation of adjusted shareholders' equity for Core ROE.) | 24,119 | 25,472 | | 24,725 | 28,515 | |
| Net URG's/URL's1 (footnote: 1.) | (1,138) | (1,078) | | (1,762) | (2,085) | |
| Adjusted shareholders' equity at end of period | 22,981 | 24,394 | | 22,963 | 26,430 | |
| Average adjusted shareholders' equity of period | 23,402 | 23,688 | 23,545 | 23,678 | 24,696 | 24,187 |
## Currency Impact
Caption: Business operating profit and net income attributable to shareholders variance by currency for fiscal year 2025 (footnote: Group currency impact.) (footnote: Group.) (footnote: Property & Casualty.) (footnote: Life.) (footnote: Group Functions and Operations.) (footnote: Non-Core Businesses.) (footnote: Variance to the prior year period.)
| USD million | FY-25 | FY-25 | FY-25 |
| | Reported (in GC) | Reported (in GC) | In LC |
| | In USD millions | Variance in %1 | Variance in %1 (footnote: 1.) |
| --- | --- | --- | --- |
| Business operating profit | 8,856 | 14.3% | 14.3% |
| Net income attributable to shareholders | 6,798 | 16.9% | 16.7% |
| Gross written premiums | 50,422 | 8.1% | 7.4% |
| Insurance revenue | 48,234 | 7.7% | 6.7% |
| Insurance service result | 4,545 | 29.8% | 28.7% |
| Net investment income | 2,635 | 5.3% | 5.5% |
| Business operating profit | 5,129 | 22.0% | 21.3% |
| Insurance revenue | 12,323 | 5.3% | 4.2% |
| PVNBP | 19,497 | 15.4% | 14.0% |
| Business operating profit | 2,288 | 2.4% | 1.1% |
| Business operating profit | (900) | (3.4%) | 3.6% |
| Business operating profit | (48) | 53.6% | 54.4% |
## Exchange Rates
Caption: Average foreign exchange rates for major currencies for fiscal years 2024 and 2025
| | Consolidated balance sheets at end-of-period exchange rates (footnote: Principal exchange rates.) | Consolidated balance sheets at end-of-period exchange rates | Consolidated income statements and cash flows at average exchange rates | Consolidated income statements and cash flows at average exchange rates |
| | 12/31/24 | 12/31/25 | 12/31/24 | 12/31/25 |
| --- | --- | --- | --- | --- |
| Euro | 1.0353 | 1.1741 | 1.0821 | 1.1301 |
| Swiss franc | 1.1035 | 1.2610 | 1.1365 | 1.2065 |
| British pound | 1.2520 | 1.3457 | 1.2781 | 1.3187 |
| Brazilian real | 0.1619 | 0.1827 | 0.1865 | 0.1791 |
| Australian dollar | 0.6189 | 0.6669 | 0.6599 | 0.6448 |
| Japanese yen | 0.0064 | 0.0064 | 0.0066 | 0.0067 |