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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>


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.
Full-year earnings press release published by Zurich Insurance Group in February 2026, covering FY2025. Reports record operating profit, dividend increase, and progress toward 2027 targets.


== Executive summary ==
== 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).
* Group business operating profit (BOP) USD 8.9 billion, a record, with net income attributable to shareholders USD 6.8 billion, also a record (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).
* Core ROE 26.9%, up 2.2 points, and Core EPS USD 45.1, up 13% year-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).
* 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).
* P&C BOP surged 22% to USD 5.1 billion; combined ratio improved 1.6 points to 92.6% (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).
* Life BOP USD 2.3 billion, underlying +10% excluding prior-year one-offs; CSM at all-time high USD 13.8 billion (p. 1, p. 4)
* 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)
* "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 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" (p. 1)


== Zurich delivers USD 8.9bn operating profit, raises dividend to CHF 30, strong progress toward 2027 targets ==
== 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>(— Group Chief Executive Officer Mario Greco, p. 1)</small></blockquote>


=== Business performance ===
=== Business performance ===

Record results across all segments driven by disciplined underwriting and operational excellence.


==== Property & Casualty ====
==== 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, 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).
Commercial Insurance BOP +12% to USD 3.8bn; combined ratio 91.0% (-1.2pts) (p. 3). GWP +4% to USD 31bn, with momentum in Specialty, Middle Market, and targeted portfolio actions (p. 3). Motor rates double-digit; excess liability double-digit; construction/infrastructure mid-single digit; Middle Market property mid-single digit; E&S and large property softened but profitability held (p. 3). Middle Market GWP +1%; underlying +7% excluding U.S. motor liability reductions; Europe +16% (UK, Germany, Italy strong) (p. 3). Underlying combined ratio 88.3%, 4pts better than rest of Commercial (p. 3). Commercial motor combined ratio 98.4%, >16pts improvement YoY, fell below 100% after targeted actions (p. 3). Crop profitability restored; Property combined ratio mid-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, 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).
Retail BOP surged 50% (+USD 491m) to USD 1.5bn (p. 2). GWP +16% USD (+7% LFL); rates +5% overall (motor rates +8%) (p. 3). International: EMEA GWP +8% LFL, Asia Pacific +5%, LatAm +10% (p. 3). Combined ratio 94.4%, improved 2.1pts YoY on pricing sophistication and risk selection (p. 3).


{| class="wikitable"
{| class="wikitable"
|+ P&C segment financial highlights, 2025 vs 2024
|+ Property & Casualty key figures for the 12 months ended December 31, 2025
|-
|-
! !! 2025 !! 2024 !! Change inUSD !! Change like-for- like 3
! !! 2025 !! 2024 !! Change inUSD !! Change like-for- like 3
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==== Life ====
==== 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 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).
Protection GWP +5% LFL to USD 9.7bn, driven by EMEA, Asia Pacific, captive benefits; LatAm returned to growth after H1 slowdown (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 lower Brazil sales (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 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).
New business premiums +14% LFL to USD 19.5bn; new business CSM added USD 1.2bn (+11% LFL) (p. 4). Short-term insurance revenue USD 3.0bn, +9% local currencies, mainly LatAm protection (p. 4). Fee revenue from investment contracts +13% LFL on higher AUM (p. 4).


{| class="wikitable"
{| class="wikitable"
|+ Life segment financial highlights, 2025 vs 2024
|+ Life key figures for the 12 months ended December 31, 2025
|-
|-
! !! 2025 !! 2024 !! Change inUSD !! Change like-for- like 3
! !! 2025 !! 2024 !! Change inUSD !! Change like-for- like 3
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==== Farmers ====
==== Farmers ====


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).
Farmers Exchanges GWP +4%, policy count net increase >150k, acceleration over last 9 months, adding continuing-business policies through year-end (p. 5). Gross earned premiums +3% (p. 5). Combined ratio 84.6%, improvement 6.8pts YoY, despite California wildfires; underwriting strong (p. 5). Surplus ratio 52.9%, up 10.5pts vs Dec 31 2024 (p. 5).


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).
Farmers BOP USD 2.4bn (+4%), with FMS record USD 2.2bn benefiting from higher earned premium base and stable margin (p. 5). Agency Brokerages fee service revenue +21%, BOP contribution +26% to USD 49m (p. 5). Farmers Re strong on Exchanges underwriting, partly offset by lower All Lines Quota Share participation rate 8.0% (prior: 10.0%) (p. 5).


{| class="wikitable"
{| class="wikitable"
|+ Farmers key figures for the 12 months ended December 31, 2025
|+ Farmers segment financial highlights, 2025 vs 2024
|-
|-
! !! 2025 !! 2024 !! Change inUSD
! !! 2025 !! 2024 !! Change inUSD
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=== Capital position ===
=== Capital position ===


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).
SST ratio estimated at 259% as of Dec 31, 2025 (prior: 253%), driven by strong operating earnings and favorable markets, partly offset by dividend accrual (p. 5).


=== Board nominations ===
=== Board nominations ===


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).
Mary Forrest nominated for election to Board; formerly President and CEO North America Life at Munich Re 2008-2026, and earlier roles in Canada (p. 5). Jasmin Staiblin intended to become Vice-Chair, succeeding Christoph Franz (maximum 12-year tenure) (p. 5).


=== Financial highlights (unaudited) ===
=== 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"
{| class="wikitable"
|+ Group financial highlights for the 12 months ended December 31, 2025 and 2024
|+ Summarized consolidated results and financial position, 2025 vs 2024
|-
|-
! !! 2025 !! 2024 !! Change 1
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| Business operating profit (after tax) return on common shareholders' equity (Core ROE) 6 || 26.9% || 24.6% || 2.2pts
| Business operating profit (after tax) return on common shareholders' equity (Core ROE) 6 || 26.9% || 24.6% || 2.2pts
|}
|}

=== 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)

Revision as of 15:36, 6 May 2026

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

Full-year earnings press release published by Zurich Insurance Group in February 2026, covering FY2025. Reports record operating profit, dividend increase, and progress toward 2027 targets.

Executive summary

  • Group business operating profit (BOP) USD 8.9 billion, a record, with net income attributable to shareholders USD 6.8 billion, also a record (p. 1)
  • Core ROE 26.9%, up 2.2 points, and Core EPS USD 45.1, up 13% year-on-year (p. 1)
  • Proposed dividend CHF 30 per share, up 7% (p. 1)
  • P&C BOP surged 22% to USD 5.1 billion; combined ratio improved 1.6 points to 92.6% (p. 1)
  • Life BOP USD 2.3 billion, underlying +10% excluding prior-year one-offs; CSM at all-time high USD 13.8 billion (p. 1, p. 4)
  • 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)
  • SST ratio estimated at 259%, up from 253% at year-end 2024 (p. 5)
  • 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" (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).

All businesses delivered record earnings in 2025, reflecting diversified portfolio and disciplined underwriting, positioning Zurich to meet 2025-2027 targets (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).

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. (— Group Chief Executive Officer Mario Greco, p. 1)

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).

Commercial Insurance BOP +12% to USD 3.8bn; combined ratio 91.0% (-1.2pts) (p. 3). GWP +4% to USD 31bn, with momentum in Specialty, Middle Market, and targeted portfolio actions (p. 3). Motor rates double-digit; excess liability double-digit; construction/infrastructure mid-single digit; Middle Market property mid-single digit; E&S and large property softened but profitability held (p. 3). Middle Market GWP +1%; underlying +7% excluding U.S. motor liability reductions; Europe +16% (UK, Germany, Italy strong) (p. 3). Underlying combined ratio 88.3%, 4pts better than rest of Commercial (p. 3). Commercial motor combined ratio 98.4%, >16pts improvement YoY, fell below 100% after targeted actions (p. 3). Crop profitability restored; Property combined ratio mid-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).

Retail BOP surged 50% (+USD 491m) to USD 1.5bn (p. 2). GWP +16% USD (+7% LFL); rates +5% overall (motor rates +8%) (p. 3). International: EMEA GWP +8% LFL, Asia Pacific +5%, LatAm +10% (p. 3). Combined ratio 94.4%, improved 2.1pts YoY on pricing sophistication and risk selection (p. 3).

P&C segment financial highlights, 2025 vs 2024
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.

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).

Protection GWP +5% LFL to USD 9.7bn, driven by EMEA, Asia Pacific, captive benefits; LatAm returned to growth after H1 slowdown (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 lower Brazil sales (p. 4).

New business premiums +14% LFL to USD 19.5bn; new business CSM added USD 1.2bn (+11% LFL) (p. 4). Short-term insurance revenue USD 3.0bn, +9% local currencies, mainly LatAm protection (p. 4). Fee revenue from investment contracts +13% LFL on higher AUM (p. 4).

Life segment financial highlights, 2025 vs 2024
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

Farmers Exchanges GWP +4%, policy count net increase >150k, acceleration over last 9 months, adding continuing-business policies through year-end (p. 5). Gross earned premiums +3% (p. 5). Combined ratio 84.6%, improvement 6.8pts YoY, despite California wildfires; underwriting strong (p. 5). Surplus ratio 52.9%, up 10.5pts vs Dec 31 2024 (p. 5).

Farmers BOP USD 2.4bn (+4%), with FMS record USD 2.2bn benefiting from higher earned premium base and stable margin (p. 5). Agency Brokerages fee service revenue +21%, BOP contribution +26% to USD 49m (p. 5). Farmers Re strong on Exchanges underwriting, partly offset by lower All Lines Quota Share participation rate 8.0% (prior: 10.0%) (p. 5).

Farmers segment financial highlights, 2025 vs 2024
2025 2024 Change inUSD
Farmers Exchanges 4
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

SST ratio estimated at 259% as of Dec 31, 2025 (prior: 253%), driven by strong operating earnings and favorable markets, partly offset by dividend accrual (p. 5).

Board nominations

Mary Forrest nominated for election to Board; formerly President and CEO North America Life at Munich Re 2008-2026, and earlier roles in Canada (p. 5). Jasmin Staiblin intended to become Vice-Chair, succeeding Christoph Franz (maximum 12-year tenure) (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)

Summarized consolidated results and financial position, 2025 vs 2024
2025 2024 Change 1
Business operating profit (BOP) 8,856 7,751 14%
Net income attributable to shareholders after tax 6,798 5,814 17%
P&C business operating profit (BOP) 5,129 4,204 22%
P&C gross written premiums and policy fees 50,422 46,624 8%
P&C insurance revenue 48,234 44,792 8%
P&C combined ratio 92.6% 94.2% 1.6pts
Life business operating profit (BOP) 2,288 2,235 2%
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

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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