Zurich Insurance Group/2025/Full-year earnings press release

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.