According to the press release, with this strong start to the 2025–2027 cycle, Zurich is on track to meet its financial targets while generating continued value for all stakeholders.
Zurich’s P&C business posted record results in 2025, with BOP up 22%, exceeding USD 5 billion for the first time, while the combined ratio improved by 1.6 percentage points to 92.6%. Insurance revenue rose 8% to USD 48.2 billion and GWP reached USD 50.4 billion. Rates increased 2% overall, supported by higher Retail rates and continued strong momentum in selected Commercial lines. The Group further strengthened its customer retention rate in P&C to 82%, while expanding its Retail customer base to more than 82 million in 2025.
BOP contribution of the Commercial Insurance business rose 12% to USD 3.8 billion. This strong BOP growth is driven by continuous disciplined portfolio management and good underlying GWP growth in the Middle Market segment and specialty lines, while also benefiting from a benign natural catastrophe season. Retail BOP surged 50% (USD 491 million) to USD 1.5 billion, reflecting 16% premium growth, improved pricing sophistication, enhanced risk selection and higher earned premium rates, with a particularly strong contribution from EMEA.
Zurich’s Life business delivered an excellent performance. BOP of USD 2.3 billion surpassed the 2024 record, which benefited from USD 154 million in non-recurring items. The contractual service margin (CSM), which reflects unearned profit, reached an all-time high of USD 13.8 billion. New business and gross premiums increased 14% and 7% respectively on a like-for-like basis, driven by strong sales of capital-efficient savings and protection products. The protection business, which drives almost 60% of the Group’s Life BOP, saw GWP increase 5% on a like-for-like basis, with growth accelerating to 7% in the second half of 2025, following the normalization of sales in Zurich’s Brazil bancassurance joint venture.
The Farmers Exchanges, which are owned by their policyholders, continued to make excellent progress in
2025, delivering for the first time in over 10 years a net increase in policy counts of more than 150,000, with momentum accelerating throughout the year. The business increased GWP by 4%, supported by higher new business volumes and improved customer retention. An excellent underwriting performance, evidenced by a combined ratio of 84.6%, underpinned a very strong surplus ratio of 52.9% at year-end.
Farmers reported its strongest BOP ever of USD 2.4 billion, with Farmers Management Services (FMS)
delivering a record USD 2.2 billion. This is a 4% increase compared with the prior year, reflecting the robust growth at the Farmers Exchanges and an increased contribution from Agency Brokerages.
“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”, commented Mario Greco, Group Chief Executive Officer.
The full Zurich’s report can be found here.
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