Zurich Insurance Group/2025/Full-year earnings press release
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).
| 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).
| 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).
| 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)
| 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)