According to the company, commercial Insurance GWP increased 9% on a like-for-like basis, or 18% on a reported basis, supported by disciplined underwriting and strong customer demand. Growth was broad based across regions, with particularly strong performances in North America and EMEA, up 10% and 8% respectively, on a like-for-like basis. The high margin U.S. construction business increased volume by 21% and brought the growth of GWP for the USD 10 billion Global Specialty Business to 7% like-for-like. The Group’s construction and surety portfolios are well positioned to further benefit from long-term investment trends, including data centers and infrastructure. Middle Market GWP rose 7% like-for-like, led by an outstanding performance in EMEA, supported by investments in new capabilities. Overall, the commercial rate levels are in line with the second half of 2025, with attractive margins in many Specialty lines and in the Middle Market customer segment, while property and E&S remain softer.
Retail GWP increased 7% on a like-for-like basis, or 15% in U.S. dollars, reflecting growth across all regions. Retail rate increases remained stable year on year, supported by disciplined underwriting and active portfolio management, contributing to continued margin expansion. Motor was the leading growth contributor, driven by higher new business volumes and average rate increases of 8%, with strong contributions from Germany, Italy and Spain. While Travel continued to perform well, the outlook remains dependent on the development of macroeconomic and geopolitical uncertainties indirectly affecting global travel demand.
Zurich increased its reinsurance protection for property catastrophe and U.S. casualty risks through its January and April renewal cycles, reflecting its disciplined approach as well as favorable market conditions. This included the successful placement of a USD 150 million catastrophe bond in the institutional market, providing diversified, multi-year protection against U.S. named storms and earthquakes.
Zurich’s Life insurance business delivered continued top-line growth in the first quarter. GWP increased 5% in U.S. dollars, driven primarily by the Protection business, where premiums grew 9% on a like-for-like basis, reflecting strong performances across EMEA, Latin America and Asia Pacific. This strong contribution was partly offset by lower sales of lower margins savings products, following exceptionally high sales volumes in Spain in the prior year period.
Farmers Management Services continued to grow, with underlying fee income up 4% in the first quarter, supported by growth at the Farmers Exchanges and brokerage entities.
The Farmers Exchanges, which are owned by their policyholders, grew GWP by 4%, supported by an increase in new business. Policy count increased by around 84k in the quarter, with additional 49k policies added in the month of April, showing further significant acceleration of growth trends. The exclusive agency channel returned to policy count growth in March and April, benefiting from improved incentives and distribution management actions to improve agent productivity. Growth was particularly strong in the independent agency channel, supported by expanded geographic reach, enhanced pricing segmentation and agency efficiency.
“All our businesses started the year strongly, with growth accelerating across targeted business lines and customer segments, including Specialty, Middle Market and Life Protection. Combined with our geographic diversification, these results highlight the resilience of our business model and the strength of our franchise. Thanks to our strong capital position, we are well positioned to navigate the current uncertain environment and stay on track to meet or exceed our 2027 targets”, said Claudia Cordioli, Group Chief Financial Officer.
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