Zurich’s P&C business delivered an 8% rise in GWP, including rate increases of 2%, compared with the prior-year period, achieving a record USD 38.9 billion in the first nine months of the year
The Commercial Insurance business delivered 3% GWP growth. This reflects continued momentum across Global Specialties and Middle Market, two of Zurich’s core strategic priorities, as well as planned management actions in parts of the Group, such as U.S. programs, to further improve profitability.
In Middle Market, performance was strong, with 11% growth in Europe and 7% in core U.S. Middle Market segments, supported by positive rate momentum of 4%. Zurich continues to execute on its strategy to expand underwriting capabilities globally, reinforced by targeted recruitment of top-tier underwriting talent.
In Retail, GWP increased 16%, reflecting exceptional growth momentum and further margin improvement. Topline growth was driven by an outstanding performance in EMEA across all business lines with strong results in key markets such as Germany and Switzerland. Motor GWP grew at 11% with rate changes of 8%, while property GWP increased 9% with rates remaining broadly stable.
Losses from natural catastrophes remained well below prior year levels, reflecting a combination of fewer events in the first nine months of 2025, as well as Zurich’s sophisticated risk selection. Over the last four years, proactive portfolio management led to a 25% reduction of U.S. hurricane average annual loss exposure.
Life continues profitable growth, with gross premiums rising by 11% and fee revenues up 17% driven by capital-efficient savings and protection products.
Farmers Management Services increased underlying fee income6 by 3% driven by growth at the Farmers
Exchanges and at the brokerage entities. The Farmers Exchanges, which are owned by their policyholders, grew GWP by 5% in the first nine months, backed by a strong increase in new business and higher retention.
Capital strength with Swiss Solvency Test (SST) ratio estimated at 257%4 as of September 30, 2025.
“Momentum remains strong across all our businesses, driven by exceptional Retail results, profitable premium growth in Life, and an accelerated increase in policy count at Farmers. Our leading Commercial Insurance business continues to see high profitability, while our focus on Middle Market and Specialty lines positions us to benefit from long-term growth trends, such as investments in infrastructure and
technology-related construction”, commented Claudia Cordioli, Group Chief Financial Officer.
The full Zurich’s report can be found here.
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