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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>
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.
== Executive summary ==
* Group business operating profit (BOP) reached a record USD 8.9 billion, upa 14%record, fromwith net income attributable to shareholders USD 76.8 billion, inalso 2024a record (p. 1).
* Core return on equity (Core ROE) improved to 26.9%, up 2.2 percentage points;, netand incomeCore attributableEPS toUSD shareholders45.1, (NIAS) roseup 1713% to a record USD 6.8 billionyear-on-year (p. 1).
* Proposed dividend CHF 30 per share, up 7% (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).
* LifeP&C BOP increasedsurged 222% to USD 25.31 billion, with underlying growth of 10% excluding prior-year one-offs; contractualcombined serviceratio marginimproved (CSM)1.6 reachedpoints an all-time high of USDto 1392.8 billion6% (p. 1).
* Farmers delivered its strongestLife BOP ever at USD 2.43 billion, upunderlying 4+10%; Farmersexcluding Exchangesprior-year combinedone-offs; ratioCSM improvedat toall-time 84.6%high andUSD surplus13.8 ratiobillion rose(p. to1, 52.9% (p. 14).
* Farmers BOP grew 4% to USD 2.4 billion; Farmers Exchanges net policy count increase >150,000, the first in over 10 years (p. 2)
* Proposed dividend of CHF 30 per share, a 7% increase; Swiss Solvency Test (SST) ratio estimated at 259%, up from 253% (p. 1).
* SST ratio estimated at 259%, up from 253% at year-end 2024 (p. 5)
* Mary Forrest nominated for election to the Board; Jasmin Staiblin intended to be appointed Vice-Chair, succeeding Christoph Franz (p. 1).
* Cash remittances USD 7.4 billion (p. 1)
* Group CEO Mario Greco: "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).
== Zurich delivers USD 8.9bn operating profit, raises dividend to CHF 30, strong progress toward 2027 targets ==
Group BOP USD 8.9bn (record), Core ROE 26.9% (+2.2pts YoY), Core EPS USD 45.1 (+13%), net income attributable to shareholders USD 6.8bn (record) (p. 1). P&C BOP +22% to USD 5.1bn, combined ratio 92.6% (-1.6pts); GWP exceeded USD 50bn (+5% LFL) (p. 1). Life BOP +2% to USD 2.3bn (underlying +10% excluding prior-year one-offs), CSM all-time high, GWP +7% LFL (p. 1). Farmers BOP +4% to USD 2.4bn; Exchanges GWP +4%, surplus ratio 52.9% (p. 1). Cash remittances USD 7.4bn; SST ratio 259% (p. 1). Proposed dividend CHF 30 per share (+7%) (p. 1). Board: Mary Forrest nominated; Jasmin Staiblin to become Vice-Chair (p. 1).
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).
All businesses delivered record earnings in 2025, reflecting diversified portfolio and disciplined underwriting, positioning Zurich to meet 2025-2027 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).
P&C insurance revenue rose 8% to USD 48.2bn, GWP reached USD 50.4bn; rates +2% overall, customer retention 82%, Retail customer base >82m (p. 2). Life protection business drives ~60% of Life BOP, with protection GWP +5% LFL and H2 growth accelerating to 7% (p. 2). Farmers Exchanges saw net policy count increase >150k, first in over 10 years, with momentum accelerating; combined ratio 84.6% (p. 2). Farmers Management Services delivered record USD 2.2bn (p. 2).
<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> ▼
▲<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 Mario Greco, p. 1)</small></blockquote>
=== Business performance ===
Record results across all segments driven by disciplined underwriting and operational excellence.
==== Property & Casualty ====
Record BOP USD 5.1bn (+22% USD and LFL) (p. 3). Insurance revenue +8% USD (+4% LFL) to USD 48.2bn; GWP +8% USD (+5% LFL) to USD 50.4bn, exceeding USD 50bn for first time (p. 3). Combined ratio improved 1.6pts to 92.6% (p. 3). Rates +2% overall (p. 2).
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).
In Commercial Insurance, GWPBOP increased 4+12% to USD 313.8bn; billion,combined withratio rates91.0% continuing(-1.2pts) (p. 3). GWP +4% to growUSD at31bn, double-digitwith levelsmomentum in motorSpecialty, Middle Market, and excesstargeted liabilityportfolio lines,actions and(p. mid-single3). digitMotor increasesrates indouble-digit; constructionexcess andliability double-digit; construction/infrastructure asmid-single well asdigit; Middle Market property accountsmid-single (p. 3).digit; E&S and large property accounts softened through the year, but profitability remained at strong levelsheld (p. 3). TheMiddle combinedMarket ratioGWP improved+1%; byunderlying 1+7% excluding U.S.2 percentagemotor pointsliability year-over-yearreductions; toEurope 91.0+16% (UK, drivenGermany, byItaly targetedstrong) actions(p. that3). brought the motorUnderlying combined ratio below 10088.3%, and4pts restoredbetter satisfactorythan profitabilityrest inof Crop;Commercial Property(p. posted3). aCommercial motor combined ratio in98.4%, the>16pts mid-80simprovement YoY, andfell Commercialbelow motor100% achievedafter atargeted combinedactions ratio(p. of 983).4%, anCrop improvementprofitability ofrestored; moreProperty thancombined 16ratio percentage pointsmid-80s (p. 3).
Specialty GWP +1%: EMEA and U.S. construction (+4% GWP, low-80s combined ratio) growth, offset by reduced large accounts in Property E&S (p. 3). Construction rates +5%, energy +4%; >200 data center construction projects underwritten (p. 3). Underlying Specialty combined ratio 88.5% (p. 3).
* '''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).
In Retail, GWPBOP increasedsurged 1650% in(+USD U.S.491m) dollarsto andUSD 7%1.5bn on(p. a2). like-for-likeGWP basis,+16% supportedUSD by a 5(+7% rise inLFL); rates, largely+5% reflectingoverall (motor rate increases ofrates +8%) (p. 3). International: EMEA grewGWP +8% LFL, Asia Pacific +5%, and Latin AmericaLatAm +10% on a like-for-like basis, with all regions benefiting from strong performance in motor, property and specialty lines (p. 3). The combinedCombined ratio of 94.4%, reflects an improvement ofimproved 2.11pts percentageYoY points year-over-year, due to improvedon pricing sophistication, disciplinedand risk selection, and higher earned premium rates (p. 3).
{| class="wikitable"
|+ P&C segment financial highlights, 2025 vs 2024
|+ Property & Casualty key figures for the 12 months ended December 31, 2025
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! !! 2025 !! 2024 !! Change inUSD !! Change like-for- like 3
==== Life ====
Life BOP USD 2.3bn, +2% (underlying +10% excluding USD 154m prior-year one-offs) (p. 4). CSM all-time high USD 13.8bn (p. 4). Insurance service result and fee result both improved YoY (p. 4).
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).
* '''Protection''': GWP rose +5% year-on-year on a like-for-like basisLFL to USD 9.7 billion7bn, driven by growth in EMEA, Asia Pacific, and captive employee benefit solutionsbenefits; Latin AmericaLatAm returned to growth after a temporaryH1 slowdown in(p. 4). Savings and annuities GWP +77% LFL to USD 6.1bn, fueled by Spain retail savings launch with Banco Sabadell (p. 4). Unit-linked and investment contracts GWP -3% LFL to USD 20.4bn, due to thelower firstBrazil halfsales (p. 4).
* '''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).
* '''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).
New business premiums rose +14% on a like-for-like basisLFL to USD 19.55bn; billion, driven by the retail savings product in Spain, protection products in EMEA, and unit-linked growth in Asia Pacific (p. 4). Newnew business writtenCSM added USD 1.2 billion of CSM, an increase of2bn (+11% on a like-for-like basisLFL) (p. 4). Short-term insurance contracts, predominantly related to the Latin American protection business, generatedrevenue USD 3.0 billion of insurance revenue in 20250bn, with +9% growth in local currencies, mainly LatAm protection (p. 4). Fee revenue generated byfrom investment contracts grew +13% LFL on a like-for-like basis, benefiting from higher assets under managementAUM (p. 4).
{| class="wikitable"
|+ Life segment financial highlights, 2025 vs 2024
|+ Life key figures for the 12 months ended December 31, 2025
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! !! 2025 !! 2024 !! Change inUSD !! Change like-for- like 3
==== Farmers ====
The Farmers Exchanges, which are owned by their policyholders, increased GWP by +4%, drivenpolicy bycount highernet newincrease business>150k, volumes and improved retention (p. 5). Policy count growth acceleratedacceleration over the last nine9 months, adding more than 150,000continuing-business policies tothrough theyear-end continuing(p. business;5). grossGross earned premiums grew by +3% (p. 5). The combinedCombined ratio was 84.6%, an improvement of 6.88pts percentage points compared with the prior yearYoY, supported by lower year-on-year catastrophe losses despite theCalifornia impactwildfires; ofunderwriting the California wildfiresstrong (p. 5). The surplusSurplus ratio reached 52.9%, an increase ofup 10.55pts percentagevs points compared with DecemberDec 31, 2024 (p. 5).
Farmers delivered a BOP of USD 2.4 billion, an increase of4bn (+4% compared), with the prior year (p. 5). Farmers Management Services (FMS) contributed a record USD 2.2 billion,2bn 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 202549m (p. 5). Farmers Re performedstrong strongly,on supported by excellentExchanges underwriting results at the Farmers Exchanges, partly offset by a lower All Lines Quota Share participation rate of 8.0% compared with(prior: 10.0% in the prior year) (p. 5).
{| class="wikitable"
|+ Farmers keysegment figuresfinancial forhighlights, the2025 12vs months ended December 31, 20252024
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! !! 2025 !! 2024 !! Change inUSD
=== Capital position ===
As of December 31, 2025, Zurich's Swiss Solvency Test (SST) ratio was estimated at 259%, compared with 253% as of DecemberDec 31, 20242025 (p.prior: 5253%). The improvement was, driven primarily by strong operating earnings and favorable market movementsmarkets, partiallypartly offset by dividend accrual (p. 5).
=== Board nominations ===
TheMary BoardForrest ofnominated Directors will propose thefor 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 asformerly President and CEO North America Life at Munich Re from 2008 to -2026, and previouslyearlier as Executive Vice President Individual Life Servicesroles in Canada from 1998 to 2008 and Vice President Individual Life Services in Canada from 1996 to 1998 (p. 5). TheJasmin BoardStaiblin intendsintended to appoint Jasmin Staiblin asbecome Vice-Chair, succeeding Christoph Franz, who(maximum will not stand for re12-election as he has reached the maximumyear tenure of 12 years) (p. 5).
=== Financial highlights (unaudited) ===
Summarized consolidated group results and financial position for the twelve months ended December 31, 2025 and 2024, in USD millions. See table below. (p. 6)
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).
{| class="wikitable"
|+ GroupSummarized financialconsolidated highlightsresults forand thefinancial 12 months ended December 31position, 2025 andvs 2024
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! !! 2025 !! 2024 !! Change 1
| Business operating profit (after tax) return on common shareholders' equity (Core ROE) 6 || 26.9% || 24.6% || 2.2pts
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=== Further information ===
Supplemental financial information and investor presentation comments available on zurich.com. Annual Report 2025 to be published March 5, 2026; AGM April 8, 2026 in Zurich, invitation published March 13, 2026. Media Q&A conference call at 09:15 CET; analyst/investor Q&A at 13:00 CET with registration required. (p. 7)
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