Zurich Insurance Group/2025/FY/Financial supplement

Document info
Organization	Zurich Insurance Group
Year	2025
Period	FY
Period label	FY25
Document type	Financial supplement
Language	English
Source	Original URL
Archive	.md file

Zurich 2025 FY financial supplement.

BOP by Business

in USD millions (footnote: Business operating profit by business.)

USD million	Property & Casualty						Life						Farmers						Group Functions and Operations						Non-Core Businesses						Eliminations						Total
	2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			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

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						Life						Farmers						Group Functions and Operations						Non-Core Businesses						Eliminations						Total
	2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			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

in USD millions, as of

USD million	Property & Casualty				Life				Farmers				Group Functions and Operations				Non-Core Businesses				Eliminations				Total
	2024		2025		2024		2025		2024		2025		2024		2025		2024		2025		2024		2025		2024		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

Holding in affiliates

USD million	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

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						North America						Asia Pacific						Latin America						Group Reinsurance						Eliminations						Total
	2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			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 held	-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

in USD millions

USD million	Gross written premium						Insurance revenue						Business operating profit						Combined ratio						Loss ratio						Expense ratio
	2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			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%

in USD millions

USD million	Gross written premium						Insurance revenue						Business operating profit						Combined ratio						Loss ratio						Expense ratio
	2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			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

in USD millions

USD million	Europe, Middle East & Africa						North America						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					Group Reinsurance						Eliminations						Total
	2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			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

Insurance service result breakdown by segment and period for fiscal years 2024 and 2025

USD million	Europe, Middle East & Africa						North America						Asia Pacific						Latin America						Group Reinsurance						Eliminations						Total
	2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			2025			2024			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

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					Unit-linked (footnote: Unit-linked.)	Unit-linked					Savings and annuities (footnote: Savings and annuities.)	Savings and annuities					Total (long-term insurance contracts) (footnote: Total (long-term insurance contracts).)	Total (long-term insurance contracts)
	2024			2025			2024			2025			2024			2025			2024			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%

CSM rollforward by product type for fiscal years 2024 and 2025 (footnote: Life PAA.)

USD million	Protection				Unit-linked				Savings and annuities				Total (long-term insurance contracts)
	2024		2025		2024		2025		2024		2025		2024		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

Insurance revenue and insurance service result for fiscal years 2024 and 2025 (footnote: Life Investment Contracts.)

USD million	Total
	2024			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

Fee service result and KPIs for fiscal years 2024 and 2025

USD million	Total
	2024			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

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 deposits					Insurance revenue						Business operating profit
	2024			2025			2024			2025			2024			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

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			of which: investment contracts				of which: VFA unit-linked insurance contracts				of which: VFA non unit-linked insurance contracts				of which: Life BBA and PAA
	2024		2025		2024		2025		2024		2025		2024		2025		2024		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

Assets under management rollforward by type for fiscal years 2024 and 2025

USD million	Total						of which: Investment and asset management contracts
	2024			2025			2024			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

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 life						Farmers management services						Farmers re						Total
	2024			2025			2024			2025			2024			2025			2024			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%	—	—	—	—	—	—

Insurance service result build-up for Farmers Life for fiscal years 2024 and 2025

USD million	Farmers life
	2024			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

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			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 ventures	-4	-16	-20	-7	-11	-17
Total business operating profit	-358	-512	-870	-397	-502	-900

Investment Result and Yield

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 capital gains/(losses)1 (footnote: 1.)	Net capital gains/(losses)					Net investment result
	2024			2025			2024			2025			2024			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

Investment yield by segment for fiscal years 2024 and 2025

USD million	Property & casualty						Life						Group
	2024			2025			2024			2025			2024			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

Total investments breakdown by asset class for fiscal years 2024 and 2025 (footnote: Portfolio Overview - additional information.)

	2024		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%

Rating of fixed income securities breakdown by rating for fiscal years 2024 and 2025

	2024		2025
—	H1	H2	H1	H2
Rating of fixed income securities	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%

Rating of government and government guaranteed securities breakdown by rating for fiscal years 2024 and 2025

	2024		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%

Credit and private debt securities breakdown by rating for half-years 2024 and 2025

	2024		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%

Government and government guaranteed securities breakdown by country for half-years 2024 and 2025

	2024		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%

Credit and private debt breakdown by type for half-years 2024 and 2025

	2024		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%

Non-financial credit breakdown by sector for half-years 2024 and 2025 (footnote: 1.) (footnote: 2.)

	2024		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

Core ROE and NIAS ROE calculation for half-years and fiscal years 2024 and 2025

USD million	2024			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%

Shares in issue for half-years and fiscal years 2024 and 2025 (footnote: 1.)

USD million	2024			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

Total equity rollforward for half-years and fiscal years 2024 and 2025

USD million	2024			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

Total equity build-up for half-years 2024 and 2025

USD million	2024		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

Shareholders' equity rollforward by half-year for fiscal years 2024 and 2025

USD million	2024			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

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
	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

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
—	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