Large insurer Zurich delivered strong top-line growth in 2025, as its property & casualty (P&C) segment exceeded gross written premiums (GWP) of $50 billion for the first time, a 5% increase like-for-like, as the segment’s business operating profit (BOP) reached $5.1 billion, an increase of 22% in US dollars and on a like-for-like basis, compared to $46.6 billion in 2024.
The P&C combined ratio improved to 92.6%, benefiting from higher insurance revenue of $48.2 billion, an 8% rise in US dollars and 4% on a like-for-like basis, compared to $44.8 billion a year earlier, attributed to the ongoing expansion of the underlying portfolio. The segment reported that rates increased 2% overall, supported by higher retail rates and continued strong momentum in selected commercial lines.
Commercial insurance business profit rose 12% to $3.8 billion, driven by “continuous disciplined” portfolio management and good underlying GWP growth in the middle market and specialty lines, and a benign natural catastrophe season.
Meanwhile, retail’s BOP surged 50%, or $491 million to $1.5 billion, reflecting 16% premium growth, improved pricing sophistication, enhanced risk selection, and higher earned premium rates, with a particularly strong contribution from the Europe, the Middle East, and Asia (EMEA) segment.
The insurer’s Life segment reported continued profitable growth, as GWP rose 7% and fee revenues up 13%, driven by capital-efficient savings and protection products. For 2025, the reported GWP were $36.2 billion, compared to $33 billion in 2024.
The protection business, which drives almost 60% of Zurich’s Life BOP, reported 5% increase in GWP on a like-for-like basis, with growth accelerating to 7% in the second half of 2025, following the normalisation of sales in Zurich’s Brazil bancassurance joint venture.
Additionally, the insurer’s Farmers Exchanges, which their policyholders own, grew GWP by 4% to $28.9 billion in 2025, supported by higher new business volumes and improved retention. Farmers reported its strongest BOP ever of $2.4 billion, with Farmers Management Services (FMS) delivering a record $2.2 billion.
Zurich explained that an outstanding underlying underwriting performance allowed the Farmers Exchanges to achieve a surplus ratio of 52.9% at year end 2025 and a combined ratio of 84.6%, driven by continued strengthening in underlying performance and was supported by lower year-on-year catastrophe losses, despite the impact of the California wildfires.
All in all, Zurich has reported the highest-ever operating profit group-wide of $8.9 billion and raised its dividend to CHF 30, making strong progress toward its 2027 targets. It has also reported a return on equity at 26.9%, with a record net income attributable to shareholders of $6.8 billion for 2025.
Mario Greco, Group Chief Executive Officer, Zurich, commented, “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.”
Zurich has also nominated Mary Forrest for election to the Board of Directors, and Jasmin Staiblin intends to be appointed as Vice-Chair, succeeding Christoph Franz.
