Highest-ever profit and Core ROE1: Group business operating profit (BOP) at USD 8.9 billion, return on equity (Core ROE1) at 26.9%.
Outstanding earnings growth: Core Earnings per share2 up 13% to USD 45.1, and record net income attributable to shareholders at USD 6.8 billion
Property & Casualty (P&C) BOP up 22% to USD 5.1 billion, combined ratio improved to 92.6%. Gross written premiums (GWP) exceeded USD 50 billion for the first time, a 5% increase like-for-like3
Life BOP up 2% to USD 2.3 billion, underlying increase of 10% excluding prior year one-offs. GWP up 7% like-for-like3 and the contractual service margin (CSM) at an all-time high
Farmers strongest BOP ever, up 4% to USD 2.4 billion; Farmers Exchanges4 GWP up 4% with rate of policy count growth accelerating throughout the year, surplus ratio at 52.9%
Strong cash and capital: Cash remittances of USD 7.4 billion; Swiss Solvency Test (SST) ratio at 259%5
Dividend: proposed increase of 7% to CHF 30 per share
Board nomination: Mary Forrest nominated for election to Board of Directors, and Jasmin Staiblin intended to be appointed as Vice-Chair, succeeding Christoph Franz
Zurich Insurance Group (Zurich) delivered record earnings across all businesses in 2025, underscoring the strength of the Group's diversified portfolio and its disciplined approach to underwriting and operational excellence, which positions it well for sustainable and profitable organic growth. 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.
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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.
Mario Greco, Group Chief Executive Officer
Select financial highlights (unaudited)
For the 12 months ended December 31, 2025, unless otherwise stated (For a more comprehensive set of financial highlights see full media release in PDF)
BOP (in USD billions)
8.9 2024: 7.8 Change in USD: 14%
NIAS (in USD billions)
6.8 2024: 5.8 Change in USD: 17%
Core ROE1
26.9% 2024: 24.6% Change: 2.2pts
Core EPS (in USD)2
45.1 2024: 40.1 Change: 13%
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 premiums6 increased 14% and 7% respectively on a like-for-like3 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 GWP6 increase 5% on a like-for-like3 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 Exchanges4, 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 Exchanges4 and an increased contribution from Agency Brokerages.
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This is only an excerpt. Please read the full media release here.
Media release (Download PDF)
1 Previously referred to as BOPAT ROE. Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.
2 Business operating profit after tax (BOPAT) divided by the weighted average number of shares (diluted).
3 Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, methodological changes, and the transfer of a Life portfolio to Non-Core Businesses.
4 Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, and certain of its subsidiaries, provide certain non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receive fees for their services.
5 Estimated Swiss Solvency Test (SST) ratio as of December 31, 2025, calculated based on the Group's internal model approved by the Swiss Financial Market Supervisory Authority FINMA. The SST ratio as of December 31 has to be filed with FINMA by end of April in the subsequent year and is subject to review by FINMA.
6 Gross written premiums for Protection, gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts).
