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<small>''Source: [https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/media/news-releases/2026/docs/2026-0219-01.pdf?sc_lang=en Original URL]. Original PDF: [[Media:Zurich_Insurance_Group_-_2025_-_Full-year_earnings_press_release.pdf|Zurich_Insurance_Group_-_2025_-_Full-year_earnings_press_release.pdf]]. Published: 2026-02-19. 8 pages.''</small>
<small>''Source: [https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/media/news-releases/2026/docs/2026-0219-01.pdf?sc_lang=en Original URL]. Published: 2026-02-19. 8 pages.''</small>


== Zurich Insurance Group — FY2025 Full-Year Earnings (Facts) ==
Full-year earnings press release published by Zurich Insurance Group in February 2026, covering FY2025. Reports record business operating profit, a 7% dividend increase, and strong progress toward 2027 financial targets.


'''Source.''' Full-year earnings press release, Zurich Insurance Group. Published 2026-02-19, 8 pages. Period covered: 12 months ended December 31, 2025. Comparison period: 12 months ended December 31, 2024. All figures USD millions unless noted. “LFL” = like-for-like. Adverse variances shown in parentheses.
== Executive summary ==


----
* Group business operating profit (BOP) reached a record USD 8.9 billion, up 14% from USD 7.8 billion in 2024 (p. 1).
* Core return on equity (Core ROE) improved to 26.9%, up 2.2 percentage points; net income attributable to shareholders (NIAS) rose 17% to a record USD 6.8 billion (p. 1).
* Property & Casualty BOP surged 22% to USD 5.1 billion, with a combined ratio of 92.6% and gross written premiums exceeding USD 50 billion for the first time (p. 1).
* Life BOP increased 2% to USD 2.3 billion, with underlying growth of 10% excluding prior-year one-offs; contractual service margin (CSM) reached an all-time high of USD 13.8 billion (p. 1).
* Farmers delivered its strongest BOP ever at USD 2.4 billion, up 4%; Farmers Exchanges combined ratio improved to 84.6% and surplus ratio rose to 52.9% (p. 1).
* Proposed dividend of CHF 30 per share, a 7% increase; Swiss Solvency Test (SST) ratio estimated at 259%, up from 253% (p. 1).
* Mary Forrest nominated for election to the Board; Jasmin Staiblin intended to be appointed Vice-Chair, succeeding Christoph Franz (p. 1).
* "I am extremely proud to see all our businesses contributing to these record results, which indicate that we are well on track to achieve or even exceed our 2027 targets" — Mario Greco, Group CEO (p. 1).


=== Group results (FY2025 vs FY2024) ===
== Zurich delivers USD 8.9bn operating profit, raises dividend to CHF 30, strong progress toward 2027 targets ==


* BOP: '''8,856''' vs 7,751 (+14%) — record (p. 1) (p. 6)
Zurich Insurance Group delivered record earnings across all businesses in 2025, with Group business operating profit (BOP) reaching USD 8.9 billion, up 14% from USD 7.8 billion in 2024 (p. 2). Core return on equity (Core ROE) was 26.9%, up 2.2 percentage points from 24.6% (p. 2). Core earnings per share rose 13% to USD 45.1, and net income attributable to shareholders (NIAS) hit a record USD 6.8 billion, up 17% from USD 5.8 billion (p. 2).
* NIAS: '''6,798''' vs 5,814 (+17%) — record (p. 1) (p. 6)
* Core ROE: '''26.9%''' vs 24.6% (+2.2pts) (p. 1) (p. 6)
* Core EPS: '''45.13''' vs 40.08 (+13%) (p. 1) (p. 6)
* Diluted EPS (CHF): '''39.12''' vs 35.33 (+11%) (p. 6)
* ROE: '''28.1%''' vs 24.7% (+3.4pts) (p. 6)
* Book value per share (CHF): '''158.93''' vs 162.23 (-2%) (p. 6)
* Shareholders’ equity: '''28,515''' vs 25,472 (+12%) (p. 6)
* Proposed dividend: '''CHF 30/share''', +7% (p. 1)
* Cash remittances: '''7,400''' (reported) (p. 1)
* CEO commentary (Mario Greco): record results indicate on track to achieve or exceed 2027 targets (p. 1)


----
* '''Property & Casualty''': BOP up 22% to USD 5.1 billion, combined ratio improved to 92.6%, and gross written premiums (GWP) exceeded USD 50 billion for the first time, a 5% increase on a like-for-like basis (p. 1). Insurance revenue rose 8% to USD 48.2 billion, GWP reached USD 50.4 billion, rates increased 2% overall, customer retention improved to 82%, and the Retail customer base expanded to more than 82 million (p. 2).
* '''Life''': BOP up 2% to USD 2.3 billion, with underlying growth of 10% excluding prior-year one-offs; GWP up 7% like-for-like, and the contractual service margin (CSM) at an all-time high of USD 13.8 billion (p. 1). New business premiums rose 14% and gross premiums 7% on a like-for-like basis, driven by protection and capital-efficient savings products; protection GWP increased 5% like-for-like, accelerating to 7% in the second half (p. 2).
* '''Farmers''': strongest BOP ever, up 4% to USD 2.4 billion; Farmers Exchanges GWP up 4%, with a net increase in policy counts of more than 150,000 and momentum accelerating throughout the year; combined ratio of 84.6% and surplus ratio of 52.9% (p. 1). Farmers Management Services (FMS) delivered a record USD 2.2 billion, a 4% increase (p. 2).
* '''Capital and dividend''': Cash remittances of USD 7.4 billion; Swiss Solvency Test (SST) ratio at 259%; proposed dividend increase of 7% to CHF 30 per share (p. 1).
* '''Board''': Mary Forrest nominated for election to the Board of Directors; Jasmin Staiblin intended to be appointed as Vice-Chair, succeeding Christoph Franz (p. 1).


=== Investments ===
<blockquote>I am extremely proud to see all our businesses contributing to these record results, which indicate that we are well on track to achieve or even exceed our 2027 targets, and position us well to capture future growth opportunities. I would like to thank all our customers who have continued to reward us with their strengthened loyalty and my colleagues who contributed to achieving this outstanding performance. <small>(— Mario Greco, Group Chief Executive Officer, p. 1)</small></blockquote>


* Average Group investments: '''162,764''' vs 148,383 (+10%) (p. 6)
=== Business performance ===
* Net investment result on Group investments: '''7,552''' vs 6,814 (+11%) (p. 6)
* Net investment return on Group investments: '''4.6%''' vs 4.6% (unchanged) (p. 6)
* Total return on Group investments: '''3.9%''' vs 4.3% (-0.5pts) (p. 6)


----
==== Property & Casualty ====


=== Capital position ===
P&C business operating profit (BOP) reached USD 5.1 billion, an increase of 22% in U.S. dollars and on a like-for-like basis compared with the prior year (p. 3). The combined ratio improved to 92.6% (p. 3). Gross written premiums (GWP) grew 8% in U.S. dollars and 5% on a like-for-like basis; insurance revenue increased 8% in U.S. dollars and 4% on a like-for-like basis (p. 3).


* SST ratio: estimated '''259%''' as of Dec 31, 2025 (Dec 31, 2024: 253%) (p. 1) (p. 5) (p. 6)
In Commercial Insurance, GWP increased 4% to USD 31 billion, with rates continuing to grow at double-digit levels in motor and excess liability lines, and mid-single digit increases in construction and infrastructure as well as Middle Market property accounts (p. 3). E&S and large property accounts softened through the year, but profitability remained at strong levels (p. 3). The combined ratio improved by 1.2 percentage points year-over-year to 91.0%, driven by targeted actions that brought the motor combined ratio below 100% and restored satisfactory profitability in Crop; Property posted a combined ratio in the mid-80s, and Commercial motor achieved a combined ratio of 98.4%, an improvement of more than 16 percentage points (p. 3).
* Improvement driven by strong operating earnings and favorable market movements, partially offset by dividend accrual (p. 5)


----
* '''Middle Market''': GWP increased 1%, with strong underlying growth offset by planned management actions to reduce motor liability exposure in U.S. programs; excluding these actions, Middle Market GWP grew 7% (p. 3). Europe grew 16%, with the UK, Germany and Italy showing particularly strong momentum; the underlying combined ratio was 88.3%, 4 percentage points lower than the average for the rest of the Commercial book (p. 3).
* '''Specialty''': GWP increased 1%, with strong growth in EMEA and U.S. construction (over 200 data center construction projects underwritten), offset by a reduction of large accounts business in Property E&S due to the softening rate environment (p. 3). Construction and energy saw rate increases of 5% and 4% respectively; construction GWP rose 4% while maintaining a combined ratio in the low 80s, and the underlying Specialty combined ratio was 88.5% (p. 3).


=== Property & Casualty (P&C) ===
In Retail, GWP increased 16% in U.S. dollars and 7% on a like-for-like basis, supported by a 5% rise in rates, largely reflecting motor rate increases of 8% (p. 3). EMEA grew 8%, Asia Pacific 5%, and Latin America 10% on a like-for-like basis, with all regions benefiting from strong performance in motor, property and specialty lines (p. 3). The combined ratio of 94.4% reflects an improvement of 2.1 percentage points year-over-year, due to improved pricing sophistication, disciplined risk selection, and higher earned premium rates (p. 3).


==== Headline metrics ====
{| class="wikitable"
|+ Property & Casualty key figures for the 12 months ended December 31, 2025
|-
! !! 2025 !! 2024 !! Change inUSD !! Change like-for- like 3
|-
| P&C business operating profit (BOP) || 5,129 || 4,204 || 22% || 22%
|-
| P&C gross written premium and policy fees || 50,422 || 46,624 || 8% || 5%
|-
| P&C insurance revenue || 48,234 || 44,792 || 8% || 4%
|-
| P&C combined ratio || 92.6% || 94.2% || 1.6pts || n.m.
|}


* BOP: '''5,129''' vs 4,204 (+22% LFL) — exceeded USD 5bn (p. 1) (p. 3) (p. 6)
==== Life ====
* GWP: '''50,422''' vs 46,624 (+8% USD / +5% LFL) — first time exceeding USD 50bn (p. 1) (p. 2) (p. 3) (p. 6)
* Insurance revenue: '''48,234''' vs 44,792 (+8% USD / +4% LFL) (p. 3) (p. 6)
* Combined ratio: '''92.6%''' vs 94.2% (1.6pts improvement) (p. 1) (p. 3) (p. 6)
* Customer retention rate: improved to '''82%''' (p. 2)
* Retail customer base: expanded to more than '''82 million''' (p. 2)
* Overall rate increase: '''2%''', supported by higher Retail rates and continued momentum in selected Commercial lines (p. 2)


==== Commercial Insurance ====
Life BOP was USD 2.3 billion, exceeding the previous year's record level, with both the insurance service result and fee result improving year on year (p. 4). BOP increased by 2%, driven by 10% underlying growth compared with a prior year that benefited from USD 154 million of non-recurring items (p. 4). The contractual service margin (CSM) reached an all-time high of USD 13.8 billion (p. 4).


* BOP: '''3,800''' (+12%) — driven by disciplined portfolio management, good underlying GWP growth in Middle Market and specialty lines, and lower natural catastrophe losses (p. 2) (p. 3)
* '''Protection''': GWP rose 5% year-on-year on a like-for-like basis to USD 9.7 billion, driven by growth in EMEA, Asia Pacific, and captive employee benefit solutions; Latin America returned to growth after a temporary slowdown in the first half (p. 4).
* GWP: '''~31,000''' (+4%) (p. 3)
* '''Savings and annuities''': GWP were 77% higher year-on-year on a like-for-like basis at USD 6.1 billion, driven by the successful launch of a capital-efficient retail savings product in Spain through the joint venture with Banco Sabadell (p. 4).
* Combined ratio: '''91.0%''' (1.2pts improvement YoY) (p. 3)
* '''Unit-linked and investment contracts''': GWP were 3% below prior year on a like-for-like basis at USD 20.4 billion, primarily driven by lower sales in Brazil (p. 4).
* Motor combined ratio: '''98.4%''', improved more than '''16pts''' YoY, supported by targeted portfolio actions including reduction of motor-heavy programs, exits from mono-line motor programs, and price increases (p. 3)
* Crop profitability restored to satisfactory levels through cost-reduction measures (p. 3)
* Property combined ratio: mid-80s, on disciplined underwriting and active management of nat cat exposures (p. 3)
* Rate growth continued at double-digit levels in motor and excess liability lines (p. 3)
* Construction and infrastructure rates: mid-single digit increases (p. 3)
* Middle Market property accounts rates: mid-single digit increases (p. 3)
* E&S and large property accounts softened through the year, but profitability remained strong (p. 3)


===== Middle Market =====
New business premiums rose 14% on a like-for-like basis to USD 19.5 billion, driven by the retail savings product in Spain, protection products in EMEA, and unit-linked growth in Asia Pacific (p. 4). New business written added USD 1.2 billion of CSM, an increase of 11% on a like-for-like basis (p. 4). Short-term insurance contracts, predominantly related to the Latin American protection business, generated USD 3.0 billion of insurance revenue in 2025, with 9% growth in local currencies (p. 4). Fee revenue generated by investment contracts grew 13% on a like-for-like basis, benefiting from higher assets under management (p. 4).


* GWP: '''+1%''', underlying growth offset by planned management actions to reduce motor liability exposure in the U.S. programs portfolio (p. 3)
{| class="wikitable"
* Excluding portfolio actions, Middle Market GWP: '''+7%''' (p. 3)
|+ Life key figures for the 12 months ended December 31, 2025
* Europe: '''+16%''', with strong momentum in UK, Germany, Italy (p. 3)
|-
* Underlying combined ratio: '''88.3%''', 4pts lower than the average for the rest of the Commercial book (p. 3)
! !! 2025 !! 2024 !! Change inUSD !! Change like-for- like 3
|-
| Life business operating profit (BOP) || 2,288 || 2,235 || 2% || 2%
|-
| Life gross premiums 6 || 36,194 || 33,061 || 9% || 7%
|-
| Life present value of new business premiums (PVNBP) || 19,497 || 16,891 || 15% || 14%
|-
| Life new business contractual service margin (NB CSM) || 1,231 || 1,094 || 13% || 11%
|-
| Life insurance revenue, short-term contracts || 2,993 || 2,804 || 7% || 9%
|-
| Life fee revenue, investment contracts || 837 || 717 || 17% || 13%
|}


==== Farmers ====
===== Specialty =====


* GWP: '''+1%''', with strong growth in EMEA and U.S. construction business, offset by reduction of large accounts in Property E&S due to softening rate environment (p. 3)
The Farmers Exchanges, which are owned by their policyholders, increased GWP by 4%, driven by higher new business volumes and improved retention (p. 5). Policy count growth accelerated over the last nine months, adding more than 150,000 policies to the continuing business; gross earned premiums grew by 3% (p. 5). The combined ratio was 84.6%, an improvement of 6.8 percentage points compared with the prior year, supported by lower year-on-year catastrophe losses despite the impact of the California wildfires (p. 5). The surplus ratio reached 52.9%, an increase of 10.5 percentage points compared with December 31, 2024 (p. 5).
* Construction rates: '''+5%''' (p. 3)
* Energy rates: '''+4%''' (p. 3)
* Construction GWP: '''+4%''', combined ratio in the low 80s (p. 3)
* Underlying combined ratio: '''88.5%''' (p. 3)
* More than '''200''' data center construction projects underwritten (p. 3)


==== Retail ====
Farmers delivered a BOP of USD 2.4 billion, an increase of 4% compared with the prior year (p. 5). Farmers Management Services (FMS) contributed a record USD 2.2 billion, benefiting from a higher gross earned premium base at the Farmers Exchanges and stable margin, together with a growing contribution from the Agency Brokerages (p. 5). Agency Brokerages increased fee service revenue by 21% and expanded their BOP contribution by 26% to USD 49 million in 2025 (p. 5). Farmers Re performed strongly, supported by excellent underwriting results at the Farmers Exchanges, partly offset by a lower All Lines Quota Share participation rate of 8.0% compared with 10.0% in the prior year (p. 5).


* BOP: '''1,500''' (+50% / +USD 491m) — on 16% premium growth, improved pricing sophistication, enhanced risk selection, higher earned premium rates, and strong EMEA contribution (p. 2) (p. 3)
{| class="wikitable"
* GWP growth: '''+7% LFL''' (+16% USD) (p. 3)
|+ Farmers key figures for the 12 months ended December 31, 2025
* Rate increase: '''5%''', largely reflecting motor rate increases of '''8%''' (p. 3)
|-
* EMEA: '''+8% LFL''' (p. 3)
! !! 2025 !! 2024 !! Change inUSD
* Asia Pacific: '''+5% LFL''' (p. 3)
|-
* Latin America: '''+10% LFL''', supported by strong retail property growth and higher retail motor sales (p. 3)
| Farmers Exchanges 4 || || ||
* Combined ratio: '''94.4%''', improved '''2.1pts''' YoY, on improved pricing sophistication, disciplined risk selection in motor and property, and higher earned premium rates across all lines (p. 3)
|-
| Gross written premiums || 29,600 || 28,371 || 4%
|-
| Gross earned premiums || 28,854 || 28,004 || 3%
|-
| Combined ratio || 84.6% || 91.4% || 6.8pts
|-
| Surplus ratio || 52.9% || 42.4% || 10.5pts
|-
| Farmers || || ||
|-
| Farmers business operating profit (BOP) || 2,387 || 2,286 || 4%
|}


----
=== Capital position ===

=== Life ===

* BOP: '''2,288''' vs 2,235 (+2% LFL); underlying '''+10%''' excluding prior-year non-recurring items of '''USD 154m''' (p. 2) (p. 4) (p. 6)
* GWP: '''36,194''' vs 33,061 (+9% USD / +7% LFL) (p. 4) (p. 6)
* CSM reached all-time high of '''13,800''' (p. 2) (p. 4)
* Protection GWP: '''9,700''' (+5% LFL); growth accelerating to +7% in H2 2025 following normalization of sales in Brazil bancassurance JV (p. 2) (p. 4)
* Savings and annuities GWP: '''6,100''' (+77% LFL), driven by launch of capital-efficient retail savings product in Spain through JV with Banco Sabadell (p. 4)
* Unit-linked and investment contracts GWP: '''20,400''' (-3% LFL), primarily on lower sales in Brazil (p. 4)
* PVNBP: '''19,497''' vs 16,891 (+15% USD / +14% LFL), driven by Spain retail savings product, EMEA protection, and Asia Pacific unit-linked (p. 4) (p. 6)
* New business CSM added: '''1,200''' (+11% LFL), on sales growth (p. 4)
* Short-term insurance contracts revenue: '''2,993''' vs 2,804 (+7% USD / +9% LFL), predominantly Latin American protection (p. 4) (p. 6)
* Fee revenue from investment contracts: '''837''' vs 717 (+17% USD / +13% LFL), on higher assets under management (p. 4) (p. 6)
* Protection business drives almost '''60%''' of Group Life BOP (p. 2)

----

=== Farmers ===

* Farmers BOP: '''2,387''' vs 2,286 (+4% reported) — record (p. 2) (p. 5) (p. 6)
* Farmers Management Services (FMS) BOP: '''2,200''' — record (p. 2)
* FMS MGEP margin: '''7.0%''' vs 7.0% (unchanged) (p. 6)
* Agency Brokerages: fee service revenue +21%, BOP contribution +26% to '''49''' (p. 5)
* Farmers Re: strong contribution from Exchanges underwriting; partly offset by lower All Lines Quota Share participation rate of '''8.0%''' (prior: 10.0%) (p. 5)

==== Farmers Exchanges ====

* GWP: '''29,600''' (+4%) (p. 1) (p. 5)
* Gross earned premiums: '''28,900''' (+3%) (p. 5)
* Combined ratio: '''84.6%''' vs 91.4% (6.8pts improvement), supported by lower YoY catastrophe losses despite California wildfires (p. 5)
* Surplus ratio: '''52.9%''', +10.5pts from 42.4% (p. 1) (p. 5)
* Net policy count increase of more than '''150,000''' continuing-business policies — first net increase in over 10 years, momentum accelerating over last nine months; growth turned positive after Q1 decline (p. 2) (p. 5)

----

=== Board nominations and governance ===

* Mary Forrest nominated for election to Board at AGM on April 8, 2026 (p. 1) (p. 5)
** Formerly President and CEO North America Life, Munich Re (2008–2026); EVP Individual Life Services Canada (1998–2008); VP Individual Life Services Canada (1996–1998) (p. 5)
* Board intends to appoint Jasmin Staiblin as Vice-Chair, succeeding Christoph Franz, who will not stand for re-election after reaching maximum 12-year tenure (p. 1) (p. 5)

----

=== Corporate calendar and upcoming events ===

* Annual Report 2025: to be published on March 5, 2026 (p. 7)
* AGM: April 8, 2026, at Hallenstadion Zurich; invitation to be published in Swiss Official Gazette of Commerce on March 13, 2026, and on Zurich’s webpage (p. 7)
* Q&A for media: conference call at 09:15 CET, English (p. 7)
** Switzerland dial-in: +41 58 310 50 00
** UK dial-in: +44 207 107 0613
** US dial-in: +1 631 570 5613
* Q&A for analysts and investors: conference call at 13:00 CET, media may listen in; podcast available from 17:00 CET; registration required via Zurich Q&A call registration link (p. 7)

----

=== Company reference ===

* Zurich Insurance Group is a leading global multi-line insurer founded over 150 years ago, serving more than 82 million customers in over 200 countries and territories; more than 65,000 employees; headquarters in Zurich, Switzerland (p. 7)
* Listed on SIX Swiss Exchange (ZURN); Level I ADR program (ZURVY) on OTCQX (p. 7)
* Since 2020, the Zurich Forest project supports reforestation and biodiversity restoration in Brazil’s Atlantic Forest (p. 7)

----

=== CEO quote (verbatim) ===

: “I am extremely proud to see all our businesses contributing to these record results, which indicate that we are well on track to achieve or even exceed our 2027 targets, and position us well to capture future growth opportunities. I would like to thank all our customers who have continued to reward us with their strengthened loyalty and my colleagues who contributed to achieving this outstanding performance.” — Mario Greco, Group CEO (p. 1)


----
As of December 31, 2025, Zurich's Swiss Solvency Test (SST) ratio was estimated at 259%, compared with 253% as of December 31, 2024 (p. 5). The improvement was driven primarily by strong operating earnings and favorable market movements, partially offset by dividend accrual (p. 5).


=== Forward-looking statement disclaimer (p. 8) ===
=== Board nominations ===


This document contains forward-looking statements subject to risks and uncertainties; Zurich undertakes no obligation to update them. Past performance is not a guide to future performance; interim results are not necessarily indicative of full‑year results. This communication is not an offer of securities; in the United States, securities may not be offered or sold absent registration or exemption, and any public offering would be made by prospectus.
The Board of Directors will propose the election of Mary Forrest to the Board at the Annual General Meeting on April 8, 2026 (p. 5). Ms Forrest has extensive insurance market expertise, having served as President and CEO North America Life at Munich Re from 2008 to 2026, and previously as Executive Vice President Individual Life Services in Canada from 1998 to 2008 and Vice President Individual Life Services in Canada from 1996 to 1998 (p. 5). The Board intends to appoint Jasmin Staiblin as Vice-Chair, succeeding Christoph Franz, who will not stand for re-election as he has reached the maximum tenure of 12 years (p. 5).


----
=== Financial highlights (unaudited) ===


=== Definitions and accounting notes ===
The financial highlights table presents summarized consolidated results for the twelve months ended December 31, 2025 and 2024, and the financial position as of those dates, with all amounts in USD millions rounded (p. 6). The Group uses business operating profit (BOP), new business measures, and other performance indicators to enhance understanding of its results; these are complementary to IFRS figures and detailed in the separately published Glossary (p. 6). Key definitions include: like-for-like comparisons represent changes in local currencies after adjusting for acquisitions, disposals, methodological changes, and the transfer of a Life portfolio to Non-Core Businesses (p. 6); Core ROE (previously BOPAT ROE) is BOPAT divided by average shareholders' equity excluding unrealized gains and losses (p. 6); Core EPS is BOPAT divided by the weighted average number of diluted shares (p. 6); and the SST ratio is estimated based on the Group's internal model approved by FINMA, subject to review (p. 6).


* '''BOP''': Business operating profit
{| class="wikitable"
* '''BOPAT''': Business operating profit after tax (used in Core ROE/Core EPS calculations)
|+ Group financial highlights for the 12 months ended December 31, 2025 and 2024
* '''Core EPS''': BOPAT divided by diluted weighted average shares (p. 5)
|-
* '''Core ROE (previously BOPAT ROE)''': BOPAT divided by average shareholders’ equity excluding unrealized gains/losses (p. 5)
! !! 2025 !! 2024 !! Change 1
* '''CSM''': Contractual service margin
|-
* '''E&S''': Excess and surplus lines
| Business operating profit (BOP) || 8,856 || 7,751 || 14%
* '''Farmers Exchanges''': Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates — California-domiciled interinsurance exchanges owned by policyholders. Zurich has no ownership interest; Farmers Group, Inc. (wholly owned subsidiary) provides non‑claims and ancillary services as attorney-in-fact for fees. (p. 5) (p. 8)
|-
* '''FMS''': Farmers Management Services
| Net income attributable to shareholders after tax || 6,798 || 5,814 || 17%
* '''GWP''': Gross written premiums
|-
* '''LFL (like-for-like)''': Change in local currencies after adjusting for acquisitions, disposals, methodological changes, and transfer of a Life portfolio to Non-Core Businesses (p. 5)
| P&C business operating profit (BOP) || 5,129 || 4,204 || 22%
* '''Life GWP''': Gross written premiums for Protection; gross policyholder inflows (incl. deposits) for all other lines (incl. investment and asset management contracts) (p. 5) (p. 6)
|-
* '''MGEP''': Management gross earned premiums
| P&C gross written premiums and policy fees || 50,422 || 46,624 || 8%
* '''NIAS''': Net income attributable to shareholders
|-
* '''PVNBP''': Present value of new business premiums
| P&C insurance revenue || 48,234 || 44,792 || 8%
* '''ROE''': Return on equity — calculated using shareholders’ equity that 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. Core ROE previously referred to as BOPAT ROE. (p. 6)
|-
* '''SST ratio''': Swiss Solvency Test ratio — estimated as of Dec 31, 2025, based on Group internal model approved by FINMA; filed by end of April, subject to FINMA review (p. 5) (p. 6)
| P&C combined ratio || 92.6% || 94.2% || 1.6pts
* '''Average Group investments''': Including investment cash and derivatives (p. 6)
|-
* Net investment return and total return calculated on average Group investments (p. 6)
| Life business operating profit (BOP) || 2,288 || 2,235 || 2%
* All LFL figures primary basis unless noted; reported (USD) changes shown parenthetically where available.
|-
| Life gross premiums 2 || 36,194 || 33,061 || 9%
|-
| Life present value of new business premiums (PVNBP) || 19,497 || 16,891 || 15%
|-
| Life insurance revenue, short-term contracts || 2,993 || 2,804 || 7%
|-
| Life fee revenue, investment contracts || 837 || 717 || 17%
|-
| Farmers business operating profit (BOP) || 2,387 || 2,286 || 4%
|-
| Farmers Management Services managed gross earned premium (MGEP) margin || 7.0% || 7.0% || 0.0pts
|-
| Average Group investments 3 || 162,764 || 148,383 || 10%
|-
| Net investment result on Group investments 3 || 7,552 || 6,814 || 11%
|-
| Net investment return on Group investments 3,4 || 4.6% || 4.6% || 0.0pts
|-
| Total return on Group investments 3,4 || 3.9% || 4.3% || (0.5pts)
|-
| Shareholders' equity || 28,515 || 25,472 || 12%
|-
| Swiss Solvency Test 5 || 259% || 253% || 6pts
|-
| Diluted earnings per share (in CHF) || 39.12 || 35.33 || 11%
|-
| Core earnings per share (in USD) || 45.13 || 40.08 || 13%
|-
| Book value per share (in CHF) || 158.93 || 162.23 || (2%)
|-
| Return on common shareholders' equity (ROE) 6 || 28.1% || 24.7% || 3.4pts
|-
| Business operating profit (after tax) return on common shareholders' equity (Core ROE) 6 || 26.9% || 24.6% || 2.2pts
|}

Latest revision as of 01:01, 8 May 2026

Source: Original URL. Published: 2026-02-19. 8 pages.

Zurich Insurance Group — FY2025 Full-Year Earnings (Facts)

Source. Full-year earnings press release, Zurich Insurance Group. Published 2026-02-19, 8 pages. Period covered: 12 months ended December 31, 2025. Comparison period: 12 months ended December 31, 2024. All figures USD millions unless noted. “LFL” = like-for-like. Adverse variances shown in parentheses.

Group results (FY2025 vs FY2024)

  • BOP: 8,856 vs 7,751 (+14%) — record (p. 1) (p. 6)
  • NIAS: 6,798 vs 5,814 (+17%) — record (p. 1) (p. 6)
  • Core ROE: 26.9% vs 24.6% (+2.2pts) (p. 1) (p. 6)
  • Core EPS: 45.13 vs 40.08 (+13%) (p. 1) (p. 6)
  • Diluted EPS (CHF): 39.12 vs 35.33 (+11%) (p. 6)
  • ROE: 28.1% vs 24.7% (+3.4pts) (p. 6)
  • Book value per share (CHF): 158.93 vs 162.23 (-2%) (p. 6)
  • Shareholders’ equity: 28,515 vs 25,472 (+12%) (p. 6)
  • Proposed dividend: CHF 30/share, +7% (p. 1)
  • Cash remittances: 7,400 (reported) (p. 1)
  • CEO commentary (Mario Greco): record results indicate on track to achieve or exceed 2027 targets (p. 1)

Investments

  • Average Group investments: 162,764 vs 148,383 (+10%) (p. 6)
  • Net investment result on Group investments: 7,552 vs 6,814 (+11%) (p. 6)
  • Net investment return on Group investments: 4.6% vs 4.6% (unchanged) (p. 6)
  • Total return on Group investments: 3.9% vs 4.3% (-0.5pts) (p. 6)

Capital position

  • SST ratio: estimated 259% as of Dec 31, 2025 (Dec 31, 2024: 253%) (p. 1) (p. 5) (p. 6)
  • Improvement driven by strong operating earnings and favorable market movements, partially offset by dividend accrual (p. 5)

Property & Casualty (P&C)

Headline metrics

  • BOP: 5,129 vs 4,204 (+22% LFL) — exceeded USD 5bn (p. 1) (p. 3) (p. 6)
  • GWP: 50,422 vs 46,624 (+8% USD / +5% LFL) — first time exceeding USD 50bn (p. 1) (p. 2) (p. 3) (p. 6)
  • Insurance revenue: 48,234 vs 44,792 (+8% USD / +4% LFL) (p. 3) (p. 6)
  • Combined ratio: 92.6% vs 94.2% (1.6pts improvement) (p. 1) (p. 3) (p. 6)
  • Customer retention rate: improved to 82% (p. 2)
  • Retail customer base: expanded to more than 82 million (p. 2)
  • Overall rate increase: 2%, supported by higher Retail rates and continued momentum in selected Commercial lines (p. 2)

Commercial Insurance

  • BOP: 3,800 (+12%) — driven by disciplined portfolio management, good underlying GWP growth in Middle Market and specialty lines, and lower natural catastrophe losses (p. 2) (p. 3)
  • GWP: ~31,000 (+4%) (p. 3)
  • Combined ratio: 91.0% (1.2pts improvement YoY) (p. 3)
  • Motor combined ratio: 98.4%, improved more than 16pts YoY, supported by targeted portfolio actions including reduction of motor-heavy programs, exits from mono-line motor programs, and price increases (p. 3)
  • Crop profitability restored to satisfactory levels through cost-reduction measures (p. 3)
  • Property combined ratio: mid-80s, on disciplined underwriting and active management of nat cat exposures (p. 3)
  • Rate growth continued at double-digit levels in motor and excess liability lines (p. 3)
  • Construction and infrastructure rates: mid-single digit increases (p. 3)
  • Middle Market property accounts rates: mid-single digit increases (p. 3)
  • E&S and large property accounts softened through the year, but profitability remained strong (p. 3)
Middle Market
  • GWP: +1%, underlying growth offset by planned management actions to reduce motor liability exposure in the U.S. programs portfolio (p. 3)
  • Excluding portfolio actions, Middle Market GWP: +7% (p. 3)
  • Europe: +16%, with strong momentum in UK, Germany, Italy (p. 3)
  • Underlying combined ratio: 88.3%, 4pts lower than the average for the rest of the Commercial book (p. 3)
Specialty
  • GWP: +1%, with strong growth in EMEA and U.S. construction business, offset by reduction of large accounts in Property E&S due to softening rate environment (p. 3)
  • Construction rates: +5% (p. 3)
  • Energy rates: +4% (p. 3)
  • Construction GWP: +4%, combined ratio in the low 80s (p. 3)
  • Underlying combined ratio: 88.5% (p. 3)
  • More than 200 data center construction projects underwritten (p. 3)

Retail

  • BOP: 1,500 (+50% / +USD 491m) — on 16% premium growth, improved pricing sophistication, enhanced risk selection, higher earned premium rates, and strong EMEA contribution (p. 2) (p. 3)
  • GWP growth: +7% LFL (+16% USD) (p. 3)
  • Rate increase: 5%, largely reflecting motor rate increases of 8% (p. 3)
  • EMEA: +8% LFL (p. 3)
  • Asia Pacific: +5% LFL (p. 3)
  • Latin America: +10% LFL, supported by strong retail property growth and higher retail motor sales (p. 3)
  • Combined ratio: 94.4%, improved 2.1pts YoY, on improved pricing sophistication, disciplined risk selection in motor and property, and higher earned premium rates across all lines (p. 3)

Life

  • BOP: 2,288 vs 2,235 (+2% LFL); underlying +10% excluding prior-year non-recurring items of USD 154m (p. 2) (p. 4) (p. 6)
  • GWP: 36,194 vs 33,061 (+9% USD / +7% LFL) (p. 4) (p. 6)
  • CSM reached all-time high of 13,800 (p. 2) (p. 4)
  • Protection GWP: 9,700 (+5% LFL); growth accelerating to +7% in H2 2025 following normalization of sales in Brazil bancassurance JV (p. 2) (p. 4)
  • Savings and annuities GWP: 6,100 (+77% LFL), driven by launch of capital-efficient retail savings product in Spain through JV with Banco Sabadell (p. 4)
  • Unit-linked and investment contracts GWP: 20,400 (-3% LFL), primarily on lower sales in Brazil (p. 4)
  • PVNBP: 19,497 vs 16,891 (+15% USD / +14% LFL), driven by Spain retail savings product, EMEA protection, and Asia Pacific unit-linked (p. 4) (p. 6)
  • New business CSM added: 1,200 (+11% LFL), on sales growth (p. 4)
  • Short-term insurance contracts revenue: 2,993 vs 2,804 (+7% USD / +9% LFL), predominantly Latin American protection (p. 4) (p. 6)
  • Fee revenue from investment contracts: 837 vs 717 (+17% USD / +13% LFL), on higher assets under management (p. 4) (p. 6)
  • Protection business drives almost 60% of Group Life BOP (p. 2)

Farmers

  • Farmers BOP: 2,387 vs 2,286 (+4% reported) — record (p. 2) (p. 5) (p. 6)
  • Farmers Management Services (FMS) BOP: 2,200 — record (p. 2)
  • FMS MGEP margin: 7.0% vs 7.0% (unchanged) (p. 6)
  • Agency Brokerages: fee service revenue +21%, BOP contribution +26% to 49 (p. 5)
  • Farmers Re: strong contribution from Exchanges underwriting; partly offset by lower All Lines Quota Share participation rate of 8.0% (prior: 10.0%) (p. 5)

Farmers Exchanges

  • GWP: 29,600 (+4%) (p. 1) (p. 5)
  • Gross earned premiums: 28,900 (+3%) (p. 5)
  • Combined ratio: 84.6% vs 91.4% (6.8pts improvement), supported by lower YoY catastrophe losses despite California wildfires (p. 5)
  • Surplus ratio: 52.9%, +10.5pts from 42.4% (p. 1) (p. 5)
  • Net policy count increase of more than 150,000 continuing-business policies — first net increase in over 10 years, momentum accelerating over last nine months; growth turned positive after Q1 decline (p. 2) (p. 5)

Board nominations and governance

  • Mary Forrest nominated for election to Board at AGM on April 8, 2026 (p. 1) (p. 5)
    • Formerly President and CEO North America Life, Munich Re (2008–2026); EVP Individual Life Services Canada (1998–2008); VP Individual Life Services Canada (1996–1998) (p. 5)
  • Board intends to appoint Jasmin Staiblin as Vice-Chair, succeeding Christoph Franz, who will not stand for re-election after reaching maximum 12-year tenure (p. 1) (p. 5)

Corporate calendar and upcoming events

  • Annual Report 2025: to be published on March 5, 2026 (p. 7)
  • AGM: April 8, 2026, at Hallenstadion Zurich; invitation to be published in Swiss Official Gazette of Commerce on March 13, 2026, and on Zurich’s webpage (p. 7)
  • Q&A for media: conference call at 09:15 CET, English (p. 7)
    • Switzerland dial-in: +41 58 310 50 00
    • UK dial-in: +44 207 107 0613
    • US dial-in: +1 631 570 5613
  • Q&A for analysts and investors: conference call at 13:00 CET, media may listen in; podcast available from 17:00 CET; registration required via Zurich Q&A call registration link (p. 7)

Company reference

  • Zurich Insurance Group is a leading global multi-line insurer founded over 150 years ago, serving more than 82 million customers in over 200 countries and territories; more than 65,000 employees; headquarters in Zurich, Switzerland (p. 7)
  • Listed on SIX Swiss Exchange (ZURN); Level I ADR program (ZURVY) on OTCQX (p. 7)
  • Since 2020, the Zurich Forest project supports reforestation and biodiversity restoration in Brazil’s Atlantic Forest (p. 7)

CEO quote (verbatim)

“I am extremely proud to see all our businesses contributing to these record results, which indicate that we are well on track to achieve or even exceed our 2027 targets, and position us well to capture future growth opportunities. I would like to thank all our customers who have continued to reward us with their strengthened loyalty and my colleagues who contributed to achieving this outstanding performance.” — Mario Greco, Group CEO (p. 1)

Forward-looking statement disclaimer (p. 8)

This document contains forward-looking statements subject to risks and uncertainties; Zurich undertakes no obligation to update them. Past performance is not a guide to future performance; interim results are not necessarily indicative of full‑year results. This communication is not an offer of securities; in the United States, securities may not be offered or sold absent registration or exemption, and any public offering would be made by prospectus.

Definitions and accounting notes

  • BOP: Business operating profit
  • BOPAT: Business operating profit after tax (used in Core ROE/Core EPS calculations)
  • Core EPS: BOPAT divided by diluted weighted average shares (p. 5)
  • Core ROE (previously BOPAT ROE): BOPAT divided by average shareholders’ equity excluding unrealized gains/losses (p. 5)
  • CSM: Contractual service margin
  • E&S: Excess and surplus lines
  • Farmers Exchanges: Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates — California-domiciled interinsurance exchanges owned by policyholders. Zurich has no ownership interest; Farmers Group, Inc. (wholly owned subsidiary) provides non‑claims and ancillary services as attorney-in-fact for fees. (p. 5) (p. 8)
  • FMS: Farmers Management Services
  • GWP: Gross written premiums
  • LFL (like-for-like): Change in local currencies after adjusting for acquisitions, disposals, methodological changes, and transfer of a Life portfolio to Non-Core Businesses (p. 5)
  • Life GWP: Gross written premiums for Protection; gross policyholder inflows (incl. deposits) for all other lines (incl. investment and asset management contracts) (p. 5) (p. 6)
  • MGEP: Management gross earned premiums
  • NIAS: Net income attributable to shareholders
  • PVNBP: Present value of new business premiums
  • ROE: Return on equity — calculated using shareholders’ equity that 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. Core ROE previously referred to as BOPAT ROE. (p. 6)
  • SST ratio: Swiss Solvency Test ratio — estimated as of Dec 31, 2025, based on Group internal model approved by FINMA; filed by end of April, subject to FINMA review (p. 5) (p. 6)
  • Average Group investments: Including investment cash and derivatives (p. 6)
  • Net investment return and total return calculated on average Group investments (p. 6)
  • All LFL figures primary basis unless noted; reported (USD) changes shown parenthetically where available.
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