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Zurich/2026/Q1 earnings press release

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Source: Original URL. Original PDF: Zurich_-_2026_-_Q1_earnings_press_release.pdf. Published: 2026-05-13. 7 pages.

  • Media Release issued on May 13, 2026, as an Ad hoc announcement pursuant to Art. 53 of the Listing Rules p. 1.
  • P&C revenues accelerated due to AI driving data center construction demand and broadening Middle Market growth p. 1.
  • Life Protection grew ahead of 2027 targets p. 1.
  • Property & Casualty (P&C) gross written premiums (GWP) +8% on a like-for-like (LFL) basis (footnote: Like-for-like comparisons represent the change in local currencies and after adjusting for acquisitions, disposals, methodological changes, any reclassifications and for the impact of large captive arrangements which were booked with one quarter lag in 2025.) p. 1.
    • Commercial Insurance +9%, driven by Global Specialty and Middle Market p. 1.
    • Retail +7% p. 1.
  • Life delivered profitable growth with gross premiums (footnote: Gross written premiums for Protection, gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts).) +5% at excellent margins p. 1.
    • Protection premiums +9% on an LFL basis p. 1.
  • Farmers underlying fee income (footnote: Reflects Farmers Management Services management fees excluding the reimbursement of certain ancillary services costs that are BOP neutral. Including those, Q1-26 revenue at USD 1,223 million (USD 1,139 million in Q1-25).) +4% p. 1.
  • Farmers Exchanges (footnote: Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, and certain of its subsidiaries, provide certain non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receive fees for their services.) GWP +4%, supported by policy count increase, with further acceleration in April p. 1.
  • Estimated Swiss Solvency Test (SST) ratio was 265% as of March 31, 2026 (footnote: Estimated Swiss Solvency Test (SST) ratio as of March 31, 2026, 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.), indicating an excellent capital position p. 1.
  • All businesses started the year strongly, with growth accelerating across targeted business lines and customer segments, including Specialty, Middle Market, and Life Protection p. 1.
  • Geographic diversification and strong capital position highlight the resilience of the business model and strength of the franchise p. 1.
  • The company is well-positioned to navigate the uncertain environment and meet or exceed 2027 targets p. 1.
  • Commentary attributed to Claudia Cordioli, Group Chief Financial Officer p. 1.

Select financial highlights (unaudited)

  • P&C GWP for the three months ended March 31, 2026: USD 15.6bn (2025: USD 13.3bn; Change in USD: +17%) p. 1.
  • Life GWP for the three months ended March 31, 2026: USD 9.9bn (2025: USD 9.4bn; Change in USD: +5%) p. 1.
  • Farmers Exchanges GWP for the three months ended March 31, 2026: USD 7.7bn (2025: USD 7.4bn; Change in USD: +4%) p. 1.

Accelerated growth in strategic segments

  • Zurich's P&C business GWP +8% LFL in Q1 p. 2.
  • P&C GWP +17% on a reported basis, reflecting U.S. dollar weakening and timing of large contracts p. 2.
  • Commercial Insurance GWP +9% LFL (+18% reported), supported by disciplined underwriting and strong customer demand p. 2.
    • Growth was broad-based across regions p. 2.
    • North America GWP +10% LFL p. 2.
    • EMEA GWP +8% LFL p. 2.
    • High-margin U.S. construction business volume +21% p. 2.
    • Global Specialty Business GWP +7% LFL (USD 10bn business) p. 2.
    • Construction and surety portfolios are well-positioned to benefit from long-term investment trends, including data centers and infrastructure p. 2.
    • Middle Market GWP +7% LFL, led by EMEA performance and investments in new capabilities p. 2.
    • Commercial rate levels are in line with H2 2025, with attractive margins in many Specialty lines and Middle Market p. 2.
    • Property and E&S rates remain softer p. 2.
  • Retail GWP +7% LFL (+15% USD), with growth across all regions p. 2.
    • Retail rate increases remained stable YoY, contributing to margin expansion p. 2.
    • Motor was the leading growth contributor, driven by higher new business volumes and average rate increases of 8% p. 2.
    • Strong contributions from Germany, Italy, and Spain in Motor p. 2.
    • Travel continued to perform well, but its outlook depends on macroeconomic and geopolitical uncertainties affecting global travel demand p. 2.
  • Zurich increased reinsurance protection for property catastrophe and U.S. casualty risks through January and April renewal cycles p. 2.
    • This included a successful placement of a USD 150m catastrophe bond in the institutional market, providing diversified, multi-year protection against U.S. named storms and earthquakes p. 2.
  • Zurich's Life insurance business delivered continued top-line growth in Q1 p. 2.
    • Life GWP +5% in U.S. dollars, primarily driven by the Protection business p. 2.
    • Protection premiums +9% LFL, reflecting strong performances across EMEA, Latin America, and Asia Pacific p. 2.
    • Strong Protection contribution was partly offset by lower sales of lower-margin savings products, following exceptionally high sales volumes in Spain in the prior year p. 2.
  • Farmers Management Services underlying fee income +4% in Q1, supported by growth at Farmers Exchanges and brokerage entities p. 2.
  • Farmers Exchanges GWP +4%, supported by an increase in new business p. 2.
    • Policy count (footnote: Number of net policy growth refers to continued books of business. Discontinued books of business comprised 253k and 281k policies as of March 31, 2026, and December 31, 2025, respectively.) increased by approximately 84k in Q1 p. 2.
    • An additional 49k policies were added in April, showing significant acceleration of growth trends p. 2.
    • Exclusive agency channel returned to policy count growth in March and April, benefiting from improved incentives and distribution management actions p. 2.
    • Growth was particularly strong in the independent agency channel, supported by expanded geographic reach, enhanced pricing segmentation, and agency efficiency p. 2.

Middle East exposure and broader geopolitical environment

  • The Group's exposure to geopolitical conflicts and tensions in the Middle East is limited, with no material impact on performance expected p. 2.
  • Zurich continues to focus on supporting customers amidst heightened geopolitical and macroeconomic uncertainty p. 2.

Property & Casualty

  • All figures are in USD millions for the three months ended March 31, 2026, unless otherwise stated p. 3.
Property & Casualty: GWP and rate change by region p. 3
USD m GWP 1Q26 GWP 1Q25 GWP Change LFL Change USD Rate change, in% 1Q26 Rate change, in% Expected trend
Property & Casualty 15,556 13,315 8% 17% 2% Moderating
Europe, Middle East and Africa (EMEA) 8,063 6,844 6% 18% 2% Moderating
North America 5,991 5,192 9% 15% 0% Stabilizing
Asia Pacific 1,114 1,032 9% 8% 2% Moderating
Latin America 1,032 827 20% 25% 3% Stable

Footnote(s):

  • GWP Change LFL: Like-for-like comparisons represent the change in local currencies and after adjusting for acquisitions, disposals, methodological changes, any reclassifications and for the impact of large captive arrangements which were booked with one quarter lag in 2025.
Property & Casualty: Insurance revenue by region p. 3
USD m Insurance revenue 1Q26 Insurance revenue 1Q25 Change LFL Change USD
Property & Casualty 12,003 10,779 5% 11%
Europe, Middle East and Africa (EMEA) 5,383 4,647 5% 16%
North America 5,111 4,810 4% 6%
Asia Pacific 1,050 982 5% 7%
Latin America 946 770 18% 23%
  • Change LFL: Like-for-like comparisons represent the change in local currencies and after adjusting for acquisitions, disposals, methodological changes, any reclassifications and for the impact of large captive arrangements which were booked with one quarter lag in 2025.
  • P&C GWP +8% LFL (+17% reported) in Q1 p. 3.
  • Overall P&C pricing increases of 2% p. 3.
    • Retail rates +5% p. 3.
    • Commercial rates -1% p. 3.
    • Within Commercial, Auto and Liability rates remain positive p. 3.
    • E&S and large account property rates continued to face pressure p. 3.
    • Early signs of stabilization in certain Specialty lines p. 3.
    • U.S. overall rates were flat in Q1, an improvement compared to H2 2025 p. 3.
  • EMEA GWP +6% LFL, reflecting broad-based growth across Retail and Commercial p. 3.
    • Commercial growth driven by strong Middle Market performance, particularly in Germany, Benelux, and Spain p. 3.
    • Retail growth led by sustained momentum in motor across all countries p. 3.
  • North America GWP +9% LFL, supported by growth in specialty business p. 3.
    • Strong momentum in construction business p. 3.
    • Ongoing Middle Market expansion p. 3.
    • Disciplined underwriting and focus on portfolio quality within U.S. Programs and E&S p. 3.
  • Asia Pacific GWP +9% LFL YoY, supported by ongoing Retail growth across the region p. 3.
    • Especially motor in Japan and Malaysia p. 3.
  • Latin America GWP +20% LFL, benefiting from strong sales in all segments p. 3.
    • Particularly from affinity partnerships and surety in Brazil and motor in Mexico p. 3.

Life

  • All figures are in USD millions for the three months ended March 31, 2026, unless otherwise stated p. 4.
Life: GWP and PVNBP by region p. 4
USD m GWP 1Q26 GWP 1Q25 GWP Change LFL GWP Change USD PVNBP 1Q26 PVNBP 1Q25 PVNBP Change LFL PVNBP Change USD
Life 9,850 9,364 (5%) 5% 4,708 5,079 (15%) (7%)
Europe, Middle East and Africa (EMEA) 7,286 6,675 (2%) 9% 3,112 3,221 (13%) (3%)
North America 80 398 (80%) (80%) 48 244 (80%) (80%)
Asia Pacific 813 681 12% 19% 749 560 29% 34%
Latin America 1,752 1,680 (5%) 4% 806 1,060 (30%) (24%)
  • GWP 1Q26: Gross written premiums for Protection, gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts).
  • GWP Change USD: Parentheses around numbers represent an adverse variance.
  • PVNBP Change LFL: Like-for-like comparisons represent the change in local currencies and after adjusting for acquisitions, disposals, methodological changes, any reclassifications and for the impact of large captive arrangements which were booked with one quarter lag in 2025.
Life: New business and short-term insurance contracts p. 5
USD m 1Q26 1Q25 Change LFL Change USD
New business CSM 348 275 18% 27%
New business margin 7.4% 5.4% 2.1pts 2.0pts
Short-term insurance contracts: Insurance revenue 839 688 9% 22%
Investment contracts: Fee revenue 215 177 10% 21%
  • Life gross premiums -5% LFL in Q1, despite strong protection performance p. 4.
  • Strong protection performance across EMEA, Latin America, and Asia Pacific was offset by a reduction in low-margin savings business p. 4.
  • Protection business gross premiums reached USD 3.3bn, +9% LFL p. 4.
    • Growth was broad-based p. 4.
    • EMEA +8% on strong sales across most major markets, particularly the UK, Italy, Ireland, and Spain p. 4.
    • Latin America +18%, supported by higher sales across the region, notably in Brazil and Mexico p. 4.
    • Asia Pacific +4%, benefiting from continued momentum p. 4.
  • Strong protection performance was accompanied by lower gross premiums in unit-linked and savings and annuities p. 4.
    • Primarily reflects product mix and prior year's volumes of a retail savings product in Spain p. 4.
    • Unit-linked gross premiums² of USD 5.3bn +3% in U.S. dollar and -5% LFL p. 4.
      • EMEA unit-linked gross premiums +5% LFL, supported by strong performances in Ireland and Germany p. 4.
      • Asia Pacific unit-linked gross premiums +91% LFL, primarily driven by a new product launch in Hong Kong p. 4.
      • This was offset by timing effects of a corporate scheme in North America and tax changes affecting pension products in Brazil p. 4.
    • Savings gross premiums² of USD 1.2bn were lower YoY, reflecting exceptionally high retail savings volumes in Spain in the prior-year period p. 4.
  • New business written in the first three months contributed USD 348m to the contractual service margin (CSM), +18% LFL p. 4.
    • Supported by a higher-quality mix of business p. 4.
    • Approximately two-thirds of new business CSM generated in EMEA, driven by higher-margin individual life and protection products p. 4.
    • Asia Pacific contributed roughly a quarter, mainly from unit-linked sales p. 4.
  • New business premiums (PVNBP) -15% LFL, reflecting premium developments p. 4.
  • Improved business mix increased new business margin to 7.4%, +2pts YoY p. 4.
  • Short-term insurance contracts, predominantly related to Latin America protection business, generated insurance revenue of USD 839m p. 4.
    • +22% in U.S. dollar terms and +9% LFL, following strong growth across the region p. 4.
  • Fee revenue from investment contracts, mainly written in EMEA, +21% to USD 215m, or +10% LFL p. 4.
    • Driven by higher assets under management, reflecting strong performance in Ireland over the past 12 months p. 4.

Farmers

  • All figures are in USD millions for the three months ended March 31, 2026, unless otherwise stated p. 5.
Farmers Exchanges: Premiums and surplus ratio p. 5
USD m 1Q26 1Q25 Change USD
Farmers Exchanges — — —
Gross written premiums (GWP) 7,724 7,400 4%
Gross earned premiums (GEP) 7,321 7,016 4%
Surplus ratio 56.4% 52.9% 3.5pts
  • Farmers Exchanges: Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, and certain of its subsidiaries, provide certain non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receive fees for their services.
  • Surplus ratio: Surplus ratio as of March 31, 2026, and December 31, 2025, respectively.
  • Farmers Exchanges GWP +4% in the first three months p. 5.
    • Reflects +5% growth in continuing operations, partly offset by discontinued business p. 5.
  • Policy count increased by 84k in Q1, supported by double-digit percentage growth in new business p. 5.
  • Gross earned premiums +4% over the same period, reflecting the earn-through of GWP growth p. 5.
  • Farmers Exchanges surplus ratio +3.5pts in Q1, with organic surplus generation driven by underwriting performance p. 5.
Farmers: Management fees and insurance revenue
USD m 1Q26 1Q25 Change USD
Farmers — — —
Farmers Management Services management fees and other related revenues 1,016 981 4%
Farmers Re insurance revenue 227 291 (22%)
  • Change USD: Parentheses around numbers represent an adverse variance.
  • Farmers Management Services management fees and other related revenues: Reflects Farmers Management Services management fees excluding the reimbursement of certain ancillary services costs that are BOP neutral. Including those, Q1-26 revenue at USD 1,223 million (USD 1,139 million in Q1-25).
  • Farmers Management Services underlying fee income +4% YoY, driven by higher gross earned premiums at Farmers Exchanges and supported by brokerage entities p. 5.
  • Farmers Re insurance revenue -22% YoY p. 5.
    • Reflects a lower Quota Share reinsurance cession in the market by Farmers Exchanges p. 5.
    • Corresponding decrease in Zurich's participation p. 5.
    • Effective December 31, 2025, Zurich's participation rate in the Farmers Exchanges All Lines Quota Share was reduced from 8.0% to 5.75% p. 5.

Capital position

  • Zurich's Swiss Solvency Test (SST) ratio was 265% as of March 31, 2026, compared to 259% as of December 31, 2025 p. 5.
  • The increase in SST ratio was primarily driven by higher interest rates and U.S. dollar appreciation p. 5.
  • The ratio does not reflect the impact of the USD 5bn equity capital raise completed in March to partly finance the acquisition of Beazley Plc. p. 5.
  • The acquisition of Beazley Plc. is expected to complete in H2 2026, subject to regulatory approvals p. 5.

Additional information

Q&A session for media

  • A conference call Q&A session for media will start at 08:45 CEST p. 6.
  • Dial-in details: Switzerland +41 58 310 50 00, U.K. +44 207 107 0613, U.S. +1 631 570 5613 p. 6.
  • The call will be held in English p. 6.

Q&A session for analysts and investors

  • A conference call Q&A session for analysts and investors will start at 13:00 CEST p. 6.
  • Media may listen in p. 6.
  • A podcast of this Q&A session will be available from 17:00 CEST p. 6.
  • Participants need to register ahead of the call via the provided link (Zurich Q&A call registration) p. 6.
  • Zurich Insurance Group (Zurich) is a leading global multi-line insurer founded over 150 years ago p. 6.
  • Serves over 82 million customers in more than 200 countries and territories p. 6.
  • Zurich offers protection services beyond traditional insurance to support customer resilience p. 6.
  • Since 2020, the Zurich Forest project has supported reforestation and biodiversity restoration in Brazil's Atlantic Forest p. 6.
  • The Group has over 65,000 employees and is headquartered in Zurich, Switzerland p. 6.
  • Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a Level I American Depositary Receipt (ZURVY) program traded over-the-counter on OTCQX p. 6.
  • Further information is available at www.zurich.com p. 6.

Disclaimer and cautionary statement

  • Certain statements in this document are forward-looking and subject to known and unknown risks and uncertainties p. 7.
  • Factors that could cause actual results to differ materially include general economic conditions, financial market performance, interest rates, currency exchange rates, insured claims events, mortality/morbidity experience, policy renewal/lapse rates, litigation, regulatory actions, and changes in laws/regulations p. 7.
  • Zurich Insurance Group Ltd undertakes no obligation to publicly update or revise forward-looking statements p. 7.
  • 'Farmers Exchanges' refers to Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange, and their subsidiaries/affiliates p. 7.
  • The three Exchanges are California-domiciled interinsurance exchanges owned by their policyholders with governance oversight by their Boards of Governors p. 7.
  • Farmers Group, Inc. and certain subsidiaries act as attorneys-in-fact for the Exchanges, providing non-claims and ancillary services p. 7.
  • Neither Farmers Group, Inc., nor its parent companies (Zurich Insurance Company Ltd and Zurich Insurance Group Ltd) have any ownership interest in the Farmers Exchanges p. 7.
  • Financial information about Farmers Exchanges is proprietary but provided to support understanding of Farmers Group, Inc. and Farmers Reinsurance Company performance p. 7.
  • Past performance is not a guide to future performance, and interim results are not necessarily indicative of full-year results p. 7.
  • Persons requiring advice should consult an independent adviser p. 7.
  • This communication does not constitute an offer or invitation for the sale or purchase of securities in any jurisdiction p. 7.
  • This communication does not contain an offer of securities for sale in the United States; securities may not be offered or sold in the United States absent registration or exemption from registration p. 7.
  • Any public offering of securities in the United States will be made by means of a prospectus p. 7.

Contact

Zurich Insurance Group Ltd

  • Address: Mythenquai 2, 8002 Zurich, Switzerland p. 7.
  • Website: www.zurich.com p. 7.
  • SIX Swiss Exchange/SMI: ZURN, Valor: 1107539 p. 7.

Media Relations

  • Phone: +41 44 625 21 00 p. 7.
  • Email: media@zurich.com p. 7.

Investor Relations

  • Investor relations contact email: investor.relations@zurich.com p. 7.

Glossary

  • AI: Artificial Intelligence
  • BOP: Business Operating Profit
  • CSM: Contractual Service Margin
  • EMEA: Europe, Middle East and Africa
  • FINMA: Swiss Financial Market Supervisory Authority
  • GEP: Gross Earned Premiums
  • GWP: Gross Written Premiums
  • LFL: Like-for-Like
  • OTCQX: OTC Markets Group
  • PVNBP: Present Value of New Business Premiums
  • SIX: SIX Swiss Exchange
  • SMI: Swiss Market Index
  • SST: Swiss Solvency Test
  • UK: United Kingdom
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