Zurich Insurance Group (Zurich) delivered record earnings across all businesses in 2025, underscoring the strength of its diversified portfolio, disciplined approach to underwriting and operational excellence, which positions it well for sustainable and profitable organic growth, the Group’s report says.

According to the report, for the full year 2025, Zurich delivered its highest-ever business operating profit (BOP) of USD 8.9 billion and net income attributable to shareholders of USD 6.8 billion, reflecting record earnings across Property&Casualty, Life, and Farmers. Core ROE reached 26.9%.

This outstanding performance demonstrates that Zurich’s strategy is robust across market cycles and resilient in the face of volatility. With a strong start to the 2025-2027 cycle, Zurich is firmly on track to meet its financial targets while continuing to generate sustainable value for all stakeholders.

Zurich’s P&C business achieved a record BOP of USD 5.1 billion, up 22%. The combined ratio improved by 1.6 percentage points to 92.6%, with insurance revenues rising by 8% to USD 48.2 billion and gross written premiums (GWP) reaching USD 50.4 billion. Its Commercial Insurance business increased BOP by 12% to USD 3.8 billion, driven by continuous disciplined portfolio management and strong premium growth in the Middle Market and Specialty segments, while also benefiting from a benign natural catastrophe season.

Zurich’s Retail business delivered exceptional progress, with BOP up 50% to USD 1.5 billion, supported by an improvement in the combined ratio of 2.1 percentage points to 94.4%. This reflects more sophisticated pricing, better risk selection, and higher earned premium rates, the report says.



The full Zurich’s report can be found here.