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<syntaxhighlight lang="yaml">
= Zurich Insurance Group – Full Year Results 2025: Investor and Media Presentation =
topic: Global insurance markets
year: 2024
source: Activity report - Full Year 2024
markets:
''Published: February 19, 2026''
- region: France
segments:
- name: Savings insurance
performance:
premium_growth_yoy: +14%
total_premiums_eur_bn: 173
sub_products:
- name: Unit-linked
growth_yoy: +8%
share_of_total: 38% # down from 40% in 2023
- name: General Account
growth_yoy: +17%
notes:
- Saving ratio increased amid economic, fiscal, and political uncertainty.
- Stagnant real estate market supported net flows into Life insurance.
- Surrenders decreased in General Account funds despite Livret A rate held at 3%.
- Surrenders increased in Unit-linked products, partially offsetting the GA decrease.
- name: Protection and Complementary Health insurance
== Slide 1: Title Slide ==
notes:
- Medical inflation partly absorbed via average tariff increase of 8% in 2024.
- Cost and frequency of claims both rose.
- Political uncertainty around the Sécurité Sociale budget may drive further tariff increases as state reimbursement share decreases.
- name: Property & Casualty
'''Zurich Insurance Group'''
notes:
- Motor claims rose due to driver behavior and higher repair costs.
natural_catastrophes:
- event: Cyclone Belal (overseas)
estimated_cost_eur_bn: 0.1
- event: Cyclone Chido (overseas)
estimated_cost_eur_bn_range: [0.65, 0.8]
- event: Floods (including Kirk depression)
estimated_cost_eur_bn_range: [0.35, 0.42]
- region: Europe (excluding France)
'''Driving growth, delivering value'''
segments:
- name: Property & Casualty
notes:
- Faced rising repair costs amid persistent but moderating inflation.
- Evolving risks including climate change.
- Multiple but less severe weather events, mainly hailstorms and floods across most geographies.
- Insurers responding via pricing measures, product reshaping, and updated risk management practices.
- name: Life and Savings
'''Full year results 2025'''
notes:
- Recovering from last year's challenging macroeconomic environment.
- Still affected by modest growth and economic/political uncertainties.
- name: Health
Investor and media presentation – February 19, 2026
notes:
- Private insurers facing ageing population, claims cost inflation, and strains on national healthcare systems.
- Implementing progressive price increases.
- Focusing on digital transformation, including care pathway management and wellness benefits.
- region: Japan
== Slide 2: Content / Table of Contents ==
segments:
- name: Life insurance
performance:
gwp_growth_yoy: +5%
notes:
- Growth driven by strong sales of traditional General Account Savings products.
- Higher guarantees offered as a result of rising Japanese interest rates.
- Major insurers' net income boosted by favorable Japanese equity market performance.
- name: Property & Casualty
This slide provides the navigational structure for the presentation. Major sections include:
performance:
gwp_growth_yoy: +3%
notes:
- Driven by price increases in Motor and Fire insurance.
- region: Hong Kong
* '''Key highlights''' – Group, P&C, Life, Farmers
segments:
* '''Financial performance''' – Group, P&C, Life, Farmers, Customer KPIs, Solvency, Other segments, Investment details
- name: Life insurance
* '''Other important information''' – Disclaimer, Dividend policy, 2023–2025 targets, Outlook, Solvency and balance sheet, Alternative performance measures, Contacts and calendar
performance:
gwp_growth_yoy: +8%
new_business_growth_yoy: +16%
notes:
- New business growth derived from non-Linked individual business.
- Mainland China Visitors new business slightly decreased vs. 2023.
- Mainland China Visitors represented 28% of total Individual business.
- name: Property & Casualty
== Slide 3: Key Messages ==
notes:
- Market remained stable.
- region: United States
'''Successful start to 2025–2027 cycle'''
segments:
- name: Property insurance
notes:
- Rates rose, though at a slower pace than prior years.
- Strict underwriting across capacity deployment, risk selection, and terms and conditions.
- Adversely impacted by increased frequency of Nat Cat events, particularly secondary perils.
- Rising reinsurance costs and economic inflation drove up construction costs.
- name: Casualty insurance
* '''High quality results''' – Delivering a record BOP of '''USD 8.9bn''' in FY-25, up '''14%''' year-on-year. Record Core ROE of '''26.9%''' with profit growth across all business segments.
notes:
* '''P&C: a record top and bottom-line''' – P&C BOP of '''USD 5.1bn''', up '''22%'''. Superior risk selection, improved portfolio mix paired with a favorable cat loss experience reduced CoR by '''1.6ppts''' to '''92.6%'''. GWP up '''8%''', surpassing '''USD 50bn''' for the first time.
- Continues to experience rate increases due to loss trends.
* '''Life: strong growth and record CSM''' – BOP of '''USD 2.3bn''', up '''10%''' excluding prior year one-offs. Strong top-line growth, up '''7%''' like-for-like<ref name="lfl">In local currencies and after adjusting for acquisitions, disposals, methodological changes, and the transfer of a Life portfolio to Non-Core Businesses.</ref>. All-time high CSM of '''USD 13.8bn'''.
- Elevated casualty claims from social inflation have impacted underwriting margins and reserves.
* '''Farmers is growing''' – Record full year BOP. Farmers Exchanges<ref name="fe">For all references to Farmers Exchanges see the disclaimer and cautionary statement.</ref> GWP up '''4%''' with the rate of policy count growth accelerating throughout the year. Strong underwriting result supports increased surplus ratio of '''52.9%'''.
* '''Cash and capital strength''' – SST ratio of '''259%''' as of FY-25<ref name="sst">Estimated Swiss Solvency Test (SST), calculated based on the Group's internal model approved by the Swiss Financial Market Supervisory Authority (FINMA). The SST ratio as of December 31 has to be filed with FINMA by end of April in the subsequent year and is subject to review by FINMA.</ref>, well in excess of 160% floor. Strong cash remittances of '''USD 7.4bn'''. Record NIAS of '''USD 6.8bn''' supports proposed dividend increase of '''7%''' to '''CHF 30'''.
- region: Global
=== Notes ===
segments:
<references />
- name: Reinsurance
notes:
== Slide 4: Durable Growth, Leading ROE and Strong Cash Conversion ==
- Market remains well-capitalized; companies successfully raised capital to support growth.
- Property reinsurance saw increased rates and attachment points, improving margins.
''Section: Group (page 4)''
- Realignment of property catastrophe risk allowed reinsurers to limit losses despite active weather patterns.
- Strong underwriting performance and improved investment returns helped mitigate adverse prior-year reserve development in US casualty business.
This slide presents four KPI charts showing long-term trends from FY-19 to FY-25 with FY-27 targets.
</syntaxhighlight>
=== Core EPS (USD) ===
Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT).
{| class="wikitable"
! Fiscal Year !! Core EPS (USD)
|-
| FY-19 || 27.4
|-
| FY-20 || 21.5
|-
| FY-21 || 29.5
|-
| FY-22 || 34.2
|-
| FY-23 || 37.9
|-
| FY-24 || 40.1
|-
| FY-25 || 45.1
|-
| '''FY-27 target''' || '''>51.9'''
|}
'''CAGR: +9%'''
=== Cash Remittances (USDbn) ===
{| class="wikitable"
! Fiscal Year !! Cash Remittances (USDbn)
|-
| FY-19 || 3.4
|-
| FY-20 || 3.4
|-
| FY-21 || 4.4
|-
| FY-22 || 4.6
|-
| FY-23 || 4.8
|-
| FY-24 || 7.1
|-
| FY-25 || 7.4
|-
| '''2025–27 target''' || '''>19''' (cumulative)
|}
=== Dividend per Share (CHF) ===
{| class="wikitable"
! Fiscal Year !! Dividend per Share (CHF)
|-
| FY-19 || 20
|-
| FY-20 || 20
|-
| FY-21 || 22
|-
| FY-22 || 24
|-
| FY-23 || 26
|-
| FY-24 || 28
|-
| FY-25 || 30
|}
'''CAGR: +7%'''
=== Core ROE (%) ===
Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.
{| class="wikitable"
! Fiscal Year !! Core ROE (%)
|-
| FY-19 || 14%
|-
| FY-20 || 11%
|-
| FY-21 || 14%
|-
| FY-22 || 16%
|-
| FY-23 || 23%
|-
| FY-24 || 25%
|-
| FY-25 || 27%
|-
| '''FY-27 target''' || '''>23%'''
|}
== Slide 5: Strong Start to the 2025–2027 Cycle ==
''Section: Group (page 5)''
This slide shows FY-25 actuals versus the 2025–2027 strategic cycle targets across four KPIs.
{| class="wikitable"
! KPI !! FY-25 Actual !! 2025–2027 Target
|-
| Core ROE (%) || '''26.9%''' || >23%
|-
| Core EPS growth (%) || '''45.1''' (FY-25), +13% vs FY-24 baseline of 40.1 || >9% CAGR to >51.9 by FY-27
|-
| SST (%) || '''259%''' (FY-25 estimate) || Floor ≥160%
|-
| Cash remittances (USDbn) || '''7.4''' || >19.0 (cumulative 2025–2027)
|}
=== Notes ===
# Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.
# Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT).
# On Swiss Solvency Test (SST), see footnote on page 3.
== Slide 6: All Businesses Delivering Strong Momentum ==
''Section: Group (page 6)''
This slide shows three charts: GWP, BOP, and NIAS by business segment for FY-23 to FY-25.
=== GWP (USDbn) ===
Gross written premiums for P&C and Life Protection. Gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts).
{| class="wikitable"
! Fiscal Year !! P&C !! Life !! Total GWP
|-
| FY-23 || 44.4 || 32.2 || 76.6
|-
| FY-24 || 46.6 || 33.1 || 79.7
|-
| FY-25 || 50.4 || 36.2 || 86.6
|}
'''CAGR: 6%'''
=== BOP (USDbn) ===
{| class="wikitable"
! Fiscal Year !! P&C !! Life !! Farmers !! Other<ref name="other">Group Functions & Operations and Non-Core Businesses.</ref> !! Total BOP
|-
| FY-23 || 3.9 || 2.1 || 2.3 || −0.9 || 7.4
|-
| FY-24 || 4.2 || 2.2 || 2.3 || −1.0 || 7.8
|-
| FY-25 || 5.1 || 2.3 || 2.4 || −0.9 || 8.9
|}
'''CAGR: 10%'''
=== NIAS (USDbn) ===
{| class="wikitable"
! Fiscal Year !! NIAS (USDbn)
|-
| FY-23 || 4.4
|-
| FY-24 || 5.8
|-
| FY-25 || 6.8
|}
'''CAGR: 25%'''
=== Notes ===
<references />
== Slide 7: Continued Strong Combined Ratio Delivery, Exceptional Profitability Across Both Segments ==
''Section: P&C (page 7)''
This slide shows combined ratios for P&C Group, Retail, and Commercial from FY-23 to FY-25.
=== P&C – Group Combined Ratio (%) ===
{| class="wikitable"
! Fiscal Year !! Combined Ratio (%)
|-
| FY-23 || 94.5%
|-
| FY-24 || 94.2%
|-
| FY-25 || '''92.6%'''
|}
'''Improvement: −1.8ppts''' (FY-23 to FY-25)
=== P&C – Commercial Combined Ratio (%) ===
{| class="wikitable"
! Fiscal Year !! Combined Ratio (%)
|-
| FY-23 || 91.4%
|-
| FY-24 || 92.3%
|-
| FY-25 || '''91.0%'''
|}
'''Improvement: −0.3ppts''' (FY-23 to FY-25)
=== P&C – Retail Combined Ratio (%) ===
{| class="wikitable"
! Fiscal Year !! Combined Ratio (%)
|-
| FY-23 || 99.8%
|-
| FY-24 || 96.5%
|-
| FY-25 || '''94.4%'''
|}
'''Improvement: −5.5ppts''' (FY-23 to FY-25)
== Slide 8: Disciplined Commercial Growth; Retail Supported by Strong Net New Business Growth and Rates ==
''Section: P&C (page 8)''
This slide shows GWP growth waterfall charts for Commercial and Retail segments.
=== P&C GWP Growth by Driver – Commercial (USDbn) ===
{| class="wikitable"
! Component !! Value (USDbn)
|-
| FY-24 GWP || 27.2
|-
| Rate change || +0.0
|-
| Exposure change || +0.2
|-
| Net new business and other || +0.9
|-
| '''FY-25 GWP''' || '''28.3'''
|}
'''Growth: +4%'''
Notes: "Other" includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. Excludes crop which increased USD 0.1bn year-on-year.
=== P&C GWP Growth by Driver – Retail (USDbn) ===
{| class="wikitable"
! Component !! Value (USDbn)
|-
| FY-24 GWP || 16.7
|-
| Rate change || +0.5
|-
| Exposure change || +0.1
|-
| Net new business and other || +0.8
|-
| M&A || +1.3
|-
| '''FY-25 GWP''' || '''19.4'''
|}
'''Growth: +16%'''
Notes: "Other" includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. M&A includes the acquired Zurich Kotak General Insurance and AIG's global personal travel insurance and assistance business.
== Slide 9: Middle Market with Continued Underlying Growth Maintaining Strong Profitability ==
''Section: P&C (page 9)''
=== Middle Market GWP (USDm) – Waterfall FY-24 to FY-25 ===
{| class="wikitable"
! Component !! Value (USDm) !! YoY Growth
|-
| FY-24 GWP || 7,745 ||
|-
| U.S. Middle Market || +83 || +7%
|-
| U.S. MM Specialties || +78 || +16%
|-
| U.S. Programs || +292 || +1%
|-
| U.S. E&S || −307 || −18%
|-
| EMEA Middle Market || −29 || −4%
|-
| Rest of World || −4 ||
|-
| '''FY-25 GWP''' || '''7,858''' ||
|}
=== Middle Market Rate Change (%) ===
{| class="wikitable"
! Segment !! FY-25 Rate Change !! P&C – Commercial Rate Change
|-
| U.S. Middle Market || +6% || +8%
|-
| U.S. MM Specialties || +2% || −14%
|-
| U.S. Programs || +0% ||
|-
| U.S. E&S || −1% ||
|-
| EMEA || +1% ||
|-
| '''Total''' || '''+2%''' ||
|}
=== U.S. Middle Market Combined Ratio (%) ===
Chart shows the Accident Year Combined Ratio excluding Catastrophes (AY CoR ex Cat) from FY-20 to FY-25. The chart indicates values ranging from approximately 80% to over 100%, but specific annual data points are not individually labeled.
'''Average AY CoR ex Cat: Ø 87.4%'''
== Slide 10: Specialty Growth Supported by AI Infrastructure Demand and Attractive Margins ==
''Section: P&C – Commercial (page 10)''
=== Global Specialty – GWP and Profitability (USDbn, %) ===
Global Specialty remains a profitable growth driver. Chart shows GWP from FY-22 to FY-25.
{| class="wikitable"
! Fiscal Year !! GWP (USDbn)
|-
| FY-22 || 8.4
|-
| FY-23 || 8.7
|-
| FY-24 || 9.4
|-
| FY-25 || 9.6
|}
'''CAGR: 4%'''
'''Average AY CoR ex Cat: Ø 86.5%'''
=== U.S. Construction – Benefiting from Hyperscalers' Buildout (USDbn, %) ===
{| class="wikitable"
! Fiscal Year !! GWP (USDbn)
|-
| FY-22 || 1.4
|-
| FY-23 || 1.6
|-
| FY-24 || 1.7
|-
| FY-25 || 1.9
|}
'''CAGR: 9%'''
'''Average AY CoR ex Cat: Ø 92.0%'''
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