|
= Zurich Insurance Group – FY2024–FY2025 Financial Supplement =
<!-- RAG-context: Zurich Insurance Group, financial supplement, half-year H1 H2 and full-year FY results, 2024 2025, business operating profit BOP, insurance revenue, net investment result, P&C property and casualty, life insurance, Farmers, group reinsurance, combined ratio, loss ratio, expense ratio, USD millions -->
== Business Operating Profit (BOP) by Segment ==
<!-- RAG-context: Zurich BOP by business segment, Property & Casualty P&C, Life, Farmers, Group Functions and Operations, Non-Core Businesses, Eliminations, insurance service result, net investment income, fee result, H1 2024, H2 2024, FY-24, H1 2025, H2 2025, FY-25, USD millions -->
=== BOP by Segment – Detailed Breakdown ===
''USD millions | H1/H2/FY for 2024 and 2025 | Source: Zurich Insurance Group''
<div style="overflow-x: auto; max-width: 100%;">
{| class="wikitable" style="text-align:right; white-space: nowrap;"
|-
! scope="col" |
! scope="col" colspan="6" | Property & Casualty
! scope="col" colspan="6" | Life
! scope="col" colspan="6" | Farmers
! scope="col" colspan="6" | Group Functions and Operations
! scope="col" colspan="6" | Non-Core Businesses
! scope="col" colspan="6" | Eliminations
! scope="col" colspan="6" | Total
|-
!
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
|-
!
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
|-
! scope="row" style="text-align:left;" | Insurance revenue
| 21445.7 || 23345.8 || 44791.5 || 23014.1 || 25219.5 || 48233.6 || 5796.9 || 5902.8 || 11699.7 || 5775.2 || 6547.7 || 12322.9 || 1456.0 || 1485.4 || 2941.4 || 1111.8 || 1133.5 || 2245.3 || - || - || - || - || - || - || 45.5 || 51.8 || 97.2 || 78.7 || 92.1 || 170.8 || (8.2) || (14.2) || (22.4) || (11.1) || (16.1) || (27.2) || 28735.9 || 30771.6 || 59507.5 || 29968.6 || 32976.7 || 62945.4
|-
! scope="row" style="text-align:left;" | Insurance service expense
| (17829.6) || (20649.3) || (38478.9) || (18815.8) || (21826.5) || (40642.3) || (4540.6) || (4589.6) || (9130.2) || (4496.7) || (5166.8) || (9663.5) || (1304.6) || (1220.0) || (2524.6) || (897.1) || (869.1) || (1766.2) || (0.3) || 0.4 || 0.1 || (0.2) || (0.2) || (0.4) || (69.9) || (268.5) || (338.4) || (210.7) || (132.4) || (343.1) || 4.9 || 10.7 || 15.6 || 18.8 || 15.1 || 33.9 || (23740.1) || (26716.3) || (50456.4) || (24401.9) || (27979.8) || (52381.6)
|-
! scope="row" style="text-align:left;" | Net expenses from reinsurance contracts held
| (1753.0) || (1059.2) || (2812.2) || (1971.6) || (1075.0) || (3046.6) || (84.6) || (76.3) || (160.8) || (92.7) || (78.5) || (171.3) || (63.7) || (145.4) || (209.1) || (108.3) || (103.0) || (211.2) || - || - || - || - || - || - || 30.5 || 113.9 || 144.4 || 132.4 || 7.1 || 139.6 || 3.3 || 3.5 || 6.8 || (7.6) || 0.9 || (6.7) || (1867.5) || (1163.4) || (3030.9) || (2047.8) || (1248.4) || (3296.2)
|-
! scope="row" style="text-align:left;" | Insurance service result
| 1863.1 || 1637.4 || 3500.5 || 2226.6 || 2318.0 || 4544.7 || 1171.7 || 1237.0 || 2408.7 || 1185.8 || 1302.3 || 2488.1 || 87.6 || 120.0 || 207.7 || 106.4 || 161.5 || 267.9 || (0.3) || 0.4 || 0.1 || (0.2) || (0.2) || (0.4) || 6.1 || (102.9) || (96.8) || 0.4 || (33.2) || (32.8) || - || - || - || - || - || - || 3128.3 || 2891.9 || 6020.2 || 3519.0 || 3748.6 || 7267.5
|-
! scope="row" style="text-align:left;" | Net investment income on Group investments
| 1233.2 || 1269.8 || 2503.0 || 1276.0 || 1359.4 || 2635.4 || 1521.3 || 1470.8 || 2992.1 || 1374.8 || 1504.1 || 2878.9 || 23.1 || 23.1 || 46.3 || 24.6 || 24.0 || 48.6 || 127.7 || 110.5 || 238.2 || 108.8 || 106.2 || 215.0 || 67.9 || 80.0 || 148.0 || 58.2 || 54.5 || 112.7 || (110.9) || (86.4) || (197.3) || (74.2) || (73.9) || (148.1) || 2862.3 || 2868.0 || 5730.3 || 2768.2 || 2974.2 || 5742.4
|-
! scope="row" style="text-align:left;" | Net capital gains/(losses) on Group investments
| 152.5 || 116.9 || 269.4 || 35.9 || 174.7 || 210.7 || (48.0) || (72.8) || (120.8) || (140.1) || 4.8 || (135.3) || (3.4) || (0.2) || (3.6) || 0.0 || 0.0 || 0.0 || 73.9 || 82.3 || 156.2 || 87.4 || 53.4 || 140.8 || (53.4) || (6.3) || (59.7) || 33.0 || (1.9) || 31.1 || - || - || - || - || - || - || 121.6 || 119.9 || 241.5 || 16.3 || 231.0 || 247.3
|-
! scope="row" style="text-align:left;" | Net investment result on Group investments
| 1385.6 || 1386.8 || 2772.4 || 1311.9 || 1534.1 || 2846.1 || 1473.3 || 1398.1 || 2871.3 || 1234.7 || 1508.9 || 2743.6 || 19.8 || 22.9 || 42.6 || 24.6 || 24.0 || 48.6 || 201.6 || 192.8 || 394.4 || 196.2 || 159.6 || 355.8 || 14.5 || 73.7 || 88.2 || 91.2 || 52.6 || 143.8 || (110.9) || (86.4) || (197.3) || (74.2) || (73.9) || (148.1) || 2983.9 || 2987.9 || 5971.8 || 2784.5 || 3205.3 || 5989.7
|-
! scope="row" style="text-align:left;" | Net investment income on unit-linked investments
| - || - || - || - || - || - || 640.9 || 619.2 || 1260.1 || 640.4 || 633.2 || 1273.6 || 18.9 || 45.5 || 64.4 || 49.4 || 78.7 || 128.1 || - || - || - || - || - || - || 0.1 || 0.0 || 0.1 || 0.1 || 0.0 || 0.1 || - || - || - || - || - || - || 659.9 || 664.7 || 1324.6 || 689.9 || 712.0 || 1401.8
|-
! scope="row" style="text-align:left;" | Change in liabilities for investment contracts and other funds
| - || - || - || - || - || - || (444.1) || (398.2) || (842.3) || (462.6) || (416.0) || (878.6) || (0.7) || (0.9) || (1.6) || (0.8) || (0.6) || (1.5) || - || - || - || - || - || - || (3.6) || (3.6) || (7.2) || (3.4) || (3.4) || (6.8) || - || - || - || - || - || - || (448.5) || (402.7) || (851.2) || (466.8) || (420.0) || (886.8)
|-
! scope="row" style="text-align:left;" | Re-/Insurance finance income/(expenses)
| (588.2) || (644.9) || (1233.2) || (658.8) || (679.0) || (1337.8) || (1380.1) || (1305.2) || (2685.4) || (1181.4) || (1301.7) || (2483.1) || (8.8) || (38.3) || (47.2) || (49.8) || (80.3) || (130.1) || - || - || - || - || - || - || (10.4) || (26.1) || (36.4) || (74.8) || (64.5) || (139.3) || 0.0 || (0.0) || 0.0 || (0.0) || (0.0) || (0.0) || (1987.5) || (2014.5) || (4002.1) || (1964.9) || (2125.5) || (4090.3)
|-
! scope="row" style="text-align:left;" | Net investment result
| 797.4 || 741.9 || 1539.3 || 653.2 || 855.1 || 1508.2 || 290.0 || 313.8 || 603.8 || 231.1 || 424.4 || 655.5 || 29.1 || 29.2 || 58.3 || 23.3 || 21.8 || 45.1 || 201.6 || 192.8 || 394.4 || 196.2 || 159.6 || 355.8 || 0.6 || 44.0 || 44.6 || 13.1 || (15.3) || (2.2) || (110.9) || (86.4) || (197.2) || (74.2) || (73.9) || (148.1) || 1207.8 || 1235.3 || 2443.1 || 1042.7 || 1371.7 || 2414.4
|-
! scope="row" style="text-align:left;" | Fee income
| 243.3 || 239.9 || 483.2 || 267.0 || 263.3 || 530.3 || 460.1 || 491.3 || 951.4 || 508.2 || 596.8 || 1105.0 || 2265.6 || 2311.1 || 4576.8 || 2273.1 || 2464.2 || 4737.2 || 0.0 || (0.8) || (0.7) || 0.0 || 0.0 || 0.0 || 0.0 || 0.0 || 0.1 || 0.0 || 0.2 || 0.2 || 0.0 || (0.0) || - || 0.0 || (0.0) || - || 2969.1 || 3041.6 || 6010.7 || 3048.3 || 3324.4 || 6372.7
|-
! scope="row" style="text-align:left;" | Fee business expenses
| (185.8) || (199.6) || (385.4) || (226.8) || (220.7) || (447.5) || (325.8) || (319.8) || (645.6) || (352.9) || (389.4) || (742.3) || (1250.0) || (1285.2) || (2535.2) || (1229.5) || (1401.4) || (2630.9) || (0.2) || (0.0) || (0.2) || (0.1) || (0.0) || (0.1) || (0.0) || (0.0) || (0.0) || - || - || - || (4.0) || (4.7) || (8.8) || (5.1) || (4.2) || (9.3) || (1765.8) || (1809.4) || (3575.1) || (1814.4) || (2015.7) || (3830.0)
|-
! scope="row" style="text-align:left;" | Fee result
| 57.4 || 40.3 || 97.7 || 40.2 || 42.6 || 82.8 || 134.3 || 171.5 || 305.9 || 155.3 || 207.4 || 362.7 || 1015.6 || 1025.9 || 2041.6 || 1043.6 || 1062.8 || 2106.4 || (0.1) || (0.8) || (0.9) || (0.0) || (0.0) || (0.1) || 0.0 || 0.0 || 0.1 || 0.0 || 0.2 || 0.2 || (4.0) || (4.8) || (8.8) || (5.1) || (4.2) || (9.3) || 1203.3 || 1232.2 || 2435.5 || 1234.0 || 1308.7 || 2542.7
|-
! scope="row" style="text-align:left;" | Other revenues
| 205.7 || 255.1 || 460.8 || 201.1 || 203.2 || 404.3 || 159.2 || 99.9 || 259.2 || 78.9 || 77.1 || 156.0 || 29.0 || 37.6 || 66.6 || 23.7 || 37.2 || 60.9 || 127.7 || 122.9 || 250.6 || 95.8 || 89.7 || 185.5 || 12.2 || 12.2 || 24.4 || 21.5 || 14.0 || 35.6 || (335.5) || (367.9) || (703.4) || (285.4) || (262.7) || (548.0) || 198.3 || 159.8 || 358.1 || 135.7 || 158.6 || 294.3
|-
! scope="row" style="text-align:left;" | Interest expense on debt
| (41.8) || (38.1) || (80.0) || (35.2) || (35.3) || (70.4) || (31.2) || (21.8) || (53.0) || (10.4) || (22.4) || (32.8) || (7.0) || (0.0) || (7.0) || (0.1) || (0.2) || (0.3) || (370.8) || (365.3) || (736.2) || (319.7) || (354.6) || (674.3) || (32.1) || (30.5) || (62.6) || (19.7) || (6.2) || (25.9) || 257.6 || 241.0 || 498.6 || 173.9 || 169.3 || 343.2 || (225.3) || (214.8) || (440.1) || (211.2) || (249.3) || (460.5)
|-
! scope="row" style="text-align:left;" | Other expenses
| (709.8) || (761.5) || (1471.4) || (682.6) || (845.7) || (1528.2) || (333.0) || (367.9) || (700.9) || (363.4) || (494.1) || (857.5) || (74.9) || (76.6) || (151.5) || (83.4) || (105.1) || (188.4) || (369.4) || (480.1) || (849.6) || (430.7) || (409.9) || (840.7) || (27.4) || (73.8) || (101.2) || 3.2 || (19.4) || (16.3) || 192.7 || 218.1 || 410.8 || 190.9 || 171.5 || 362.3 || (1321.8) || (1541.9) || (2863.7) || (1366.1) || (1702.6) || (3068.7)
|-
! scope="row" style="text-align:left;" | Restructuring costs and other items not relevant for BOP
| 125.7 || 185.6 || 311.3 || 104.0 || 242.5 || 346.6 || 26.1 || 17.9 || 44.0 || 64.4 || 136.0 || 200.4 || 35.4 || 34.6 || 70.0 || 40.8 || 54.8 || 95.6 || 53.1 || 18.3 || 71.4 || 61.4 || 12.7 || 74.1 || 0.2 || 87.3 || 87.5 || (8.0) || 1.1 || (6.9) || - || - || - || - || - || - || 240.4 || 343.7 || 584.1 || 262.7 || 447.1 || 709.8
|-
! scope="row" style="text-align:left;" | Other result
| (420.3) || (358.9) || (779.2) || (412.6) || (435.2) || (847.7) || (178.8) || (271.9) || (450.7) || (230.5) || (303.4) || (533.9) || (17.4) || (4.5) || (21.9) || (19.0) || (13.2) || (32.2) || (559.5) || (704.3) || (1263.8) || (593.2) || (662.1) || (1255.3) || (47.2) || (4.7) || (51.9) || (3.0) || (10.5) || (13.5) || 114.9 || 91.1 || 206.0 || 79.4 || 78.1 || 157.5 || (1108.3) || (1253.2) || (2361.5) || (1178.9) || (1346.2) || (2525.1)
|-
! scope="row" style="text-align:left;" | Income tax (expense)/benefit attributable to policyholders (BOP relevant)
| (2.0) || (2.8) || (4.8) || (0.4) || (1.7) || (2.2) || (130.5) || (32.3) || (162.7) || (77.1) || (141.2) || (218.4) || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || - || (132.5) || (35.1) || (167.6) || (77.6) || (143.0) || (220.6)
|-
! scope="row" style="text-align:left;" | Business operating profit before non-controlling interests
| 2295.6 || 2057.8 || 4353.3 || 2507.0 || 2778.8 || 5285.8 || 1286.8 || 1418.1 || 2704.9 || 1264.6 || 1489.5 || 2754.2 || 1114.9 || 1170.7 || 2285.6 || 1154.3 || 1232.8 || 2387.2 || (358.3) || (511.9) || (870.2) || (397.3) || (502.7) || (900.0) || (40.4) || (63.5) || (104.0) || 10.5 || (58.7) || (48.2) || - || - || - || 0.1 || 0.1 || 0.1 || 4298.6 || 4071.1 || 8369.7 || 4539.1 || 4939.8 || 9479.0
|-
! scope="row" style="text-align:left;" | Non-controlling interest
| 71.4 || 77.5 || 148.9 || 77.9 || 79.2 || 157.2 || 239.3 || 230.8 || 470.1 || 234.0 || 232.0 || 466.0 || - || - || - || - || - || - || (0.0) || (0.0) || (0.1) || (0.0) || (0.2) || (0.3) || - || - || - || - || - || - || - || - || - || - || - || - || 310.6 || 308.3 || 618.9 || 311.8 || 311.0 || 622.8
|-
! scope="row" style="text-align:left;" | Business operating profit
| 2224.2 || 1980.2 || 4204.5 || 2429.0 || 2699.6 || 5128.6 || 1047.5 || 1187.3 || 2234.9 || 1030.7 || 1257.5 || 2288.2 || 1114.9 || 1170.7 || 2285.6 || 1154.3 || 1232.8 || 2387.2 || (358.2) || (511.9) || (870.1) || (397.3) || (502.5) || (899.7) || (40.4) || (63.5) || (104.0) || 10.5 || (58.7) || (48.2) || - || - || - || 0.1 || 0.1 || 0.1 || 3988.0 || 3762.8 || 7750.8 || 4227.3 || 4628.8 || 8856.1
|}
</div>
== Property & Casualty (P&C) by Country and Customer Unit ==
<!-- RAG-context: Zurich P&C property and casualty insurance, by country and region, by customer unit, gross written premium GWP, insurance revenue, business operating profit BOP, combined ratio, loss ratio, expense ratio, Germany, Ireland, Italy, Spain, Switzerland, United Kingdom, EMEA, United States, North America, Australia, Japan, Asia Pacific, Argentina, Brazil, Latin America, group reinsurance, commercial insurance, retail SME, H1 H2 FY 2024 2025, USD millions -->
=== P&C by Country and Region ===
''USD millions (ratios as %) | H1/H2/FY for 2024 and 2025 | Source: Zurich Insurance Group''
<div style="overflow-x: auto; max-width: 100%;">
{| class="wikitable" style="text-align:right; white-space: nowrap;"
|-
! scope="col" |
! scope="col" colspan="6" | Gross written premium
! scope="col" colspan="6" | Insurance revenue
! scope="col" colspan="6" | Business operating profit
! scope="col" colspan="6" | Combined ratio
! scope="col" colspan="6" | Loss ratio
! scope="col" colspan="6" | Expense ratio
|-
!
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
|-
!
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
|-
! scope="row" style="text-align:left;" | Germany
| 1963.2 || 1434.4 || 3397.7 || 2185.6 || 1749.2 || 3934.8 || 1546.2 || 1697.4 || 3243.5 || 1723.6 || 2028.0 || 3751.6 || 0.5 || 27.8 || 28.3 || 204.1 || 170.7 || 374.8 || 104.7% || 104.0% || 104.3% || 92.4% || 95.5% || 94.1% || 73.6% || 73.4% || 73.5% || 63.2% || 65.1% || 64.3% || 31.1% || 30.6% || 30.8% || 29.2% || 30.4% || 29.8%
|-
! scope="row" style="text-align:left;" | Ireland
| 250.0 || 224.5 || 474.4 || 248.1 || 242.0 || 490.2 || 229.5 || 239.0 || 468.5 || 236.1 || 255.3 || 491.3 || 32.6 || 39.8 || 72.5 || 24.0 || 53.7 || 77.7 || 88.5% || 86.8% || 87.7% || 93.4% || 82.7% || 87.8% || 59.8% || 58.7% || 59.2% || 64.7% || 53.5% || 58.9% || 28.7% || 28.1% || 28.4% || 28.7% || 29.2% || 29.0%
|-
! scope="row" style="text-align:left;" | Italy
| 936.2 || 950.3 || 1886.4 || 982.3 || 1081.1 || 2063.5 || 865.8 || 935.4 || 1801.2 || 935.5 || 1047.8 || 1983.3 || 106.8 || 85.2 || 191.9 || 122.3 || 94.0 || 216.2 || 90.3% || 93.2% || 91.8% || 89.5% || 93.9% || 91.8% || 61.2% || 64.9% || 63.1% || 59.4% || 64.1% || 61.9% || 29.1% || 28.3% || 28.7% || 30.1% || 29.8% || 29.9%
|-
! scope="row" style="text-align:left;" | Spain
| 808.4 || 722.2 || 1530.7 || 896.6 || 874.3 || 1770.9 || 712.8 || 746.6 || 1459.4 || 783.7 || 892.9 || 1676.6 || 37.0 || 34.8 || 71.8 || 59.7 || 62.9 || 122.6 || 96.1% || 96.2% || 96.2% || 93.4% || 94.5% || 94.0% || 62.7% || 61.7% || 62.2% || 59.7% || 61.0% || 60.4% || 33.4% || 34.5% || 34.0% || 33.8% || 33.5% || 33.6%
|-
! scope="row" style="text-align:left;" | Switzerland
| 2920.4 || 1337.1 || 4257.5 || 3108.7 || 1611.2 || 4720.0 || 1948.5 || 2114.6 || 4063.1 || 2132.5 || 2361.5 || 4494.1 || 168.2 || 160.8 || 329.0 || 185.1 || 198.7 || 383.8 || 95.4% || 96.3% || 95.9% || 93.1% || 94.9% || 94.0% || 73.9% || 75.6% || 74.8% || 72.5% || 73.9% || 73.2% || 21.5% || 20.7% || 21.1% || 20.5% || 21.0% || 20.8%
|-
! scope="row" style="text-align:left;" | United Kingdom
| 2546.3 || 2411.7 || 4958.0 || 2682.7 || 2465.2 || 5147.8 || 2293.8 || 2483.4 || 4777.2 || 2430.6 || 2510.9 || 4941.5 || 293.7 || 231.1 || 524.8 || 363.6 || 294.7 || 658.3 || 89.4% || 93.8% || 91.7% || 87.5% || 91.6% || 89.6% || 63.5% || 67.3% || 65.5% || 60.3% || 63.4% || 61.9% || 25.9% || 26.5% || 26.2% || 27.2% || 28.2% || 27.7%
|-
! scope="row" style="text-align:left;" | Rest of Europe, Middle East & Africa
| 1709.7 || 1400.9 || 3110.6 || 1904.8 || 1674.6 || 3579.5 || 1392.6 || 1445.5 || 2838.1 || 1559.1 || 1754.8 || 3313.9 || 142.0 || 127.2 || 269.2 || 80.0 || 128.9 || 209.0 || 95.8% || 93.2% || 94.5% || 99.8% || 95.7% || 97.7% || 69.3% || 69.8% || 69.6% || 75.6% || 69.3% || 72.2% || 26.5% || 23.3% || 24.9% || 24.2% || 26.5% || 25.4%
|-
! scope="row" style="text-align:left;" | Europe, Middle East & Africa
| 11134.3 || 8481.1 || 19615.3 || 12008.9 || 9697.7 || 21706.6 || 8989.3 || 9661.8 || 18651.1 || 9801.1 || 10851.2 || 20652.3 || 780.8 || 706.7 || 1487.5 || 1038.9 || 1003.5 || 2042.4 || 94.9% || 96.0% || 95.5% || 92.3% || 94.0% || 93.2% || 68.0% || 69.7% || 68.9% || 65.9% || 66.6% || 66.3% || 26.9% || 26.3% || 26.6% || 26.5% || 27.4% || 26.9%
|-
! scope="row" style="text-align:left;" | United States
| 11120.0 || 9367.4 || 20487.4 || 11332.0 || 9616.1 || 20948.2 || 9404.6 || 10424.1 || 19828.7 || 9562.2 || 10572.2 || 20134.4 || 1067.1 || 1051.4 || 2118.4 || 1066.5 || 1281.5 || 2348.1 || 92.7% || 93.3% || 93.0% || 92.2% || 91.9% || 92.0% || 68.0% || 69.1% || 68.6% || 66.6% || 66.8% || 66.7% || 24.6% || 24.2% || 24.4% || 25.6% || 25.1% || 25.3%
|-
! scope="row" style="text-align:left;" | Rest of North America
| 483.8 || 612.7 || 1096.5 || 1114.3 || 1047.9 || 2162.2 || 565.6 || 590.8 || 1156.4 || 957.9 || 1026.6 || 1984.5 || 169.2 || 25.7 || 194.9 || 137.8 || 167.8 || 305.6 || 76.3% || 101.6% || 89.2% || 86.7% || 88.0% || 87.4% || 46.8% || 74.8% || 61.1% || 36.2% || 48.1% || 42.4% || 29.6% || 26.8% || 28.2% || 50.5% || 39.9% || 45.0%
|-
! scope="row" style="text-align:left;" | North America
| 11603.7 || 9980.1 || 21583.9 || 12446.3 || 10664.0 || 23110.3 || 9970.2 || 11014.9 || 20985.1 || 10520.1 || 11598.8 || 22118.9 || 1236.3 || 1077.1 || 2313.3 || 1204.3 || 1449.4 || 2653.7 || 91.7% || 93.7% || 92.8% || 91.7% || 91.5% || 91.6% || 66.8% || 69.4% || 68.2% || 63.8% || 65.1% || 64.5% || 24.9% || 24.4% || 24.6% || 27.8% || 26.4% || 27.1%
|-
! scope="row" style="text-align:left;" | Australia
| 672.8 || 719.2 || 1392.0 || 621.5 || 697.2 || 1318.7 || 660.1 || 701.7 || 1361.8 || 639.0 || 664.4 || 1303.3 || 59.0 || 44.4 || 103.4 || 81.5 || 62.4 || 143.8 || 93.8% || 96.5% || 95.2% || 90.0% || 94.1% || 92.1% || 58.1% || 61.0% || 59.6% || 55.6% || 61.5% || 58.6% || 35.8% || 35.5% || 35.6% || 34.3% || 32.6% || 33.5%
|-
! scope="row" style="text-align:left;" | Japan
| 409.9 || 412.2 || 822.1 || 445.3 || 432.5 || 877.8 || 384.3 || 440.2 || 824.5 || 439.0 || 447.0 || 886.0 || 23.9 || 68.8 || 92.8 || 54.7 || 47.9 || 102.6 || 93.9% || 84.5% || 88.9% || 87.6% || 89.7% || 88.6% || 57.0% || 50.0% || 53.3% || 53.4% || 54.0% || 53.7% || 36.8% || 34.5% || 35.6% || 34.2% || 35.6% || 34.9%
|-
! scope="row" style="text-align:left;" | Rest of Asia Pacific
| 764.6 || 983.9 || 1748.5 || 1043.5 || 1038.8 || 2082.3 || 701.9 || 904.9 || 1606.7 || 926.4 || 991.4 || 1917.8 || 62.3 || 84.4 || 146.8 || 43.8 || 56.0 || 99.9 || 93.5% || 92.7% || 93.1% || 99.0% || 98.0% || 98.5% || 63.2% || 63.1% || 63.2% || 67.0% || 66.8% || 66.9% || 30.3% || 29.6% || 29.9% || 32.0% || 31.2% || 31.6%
|-
! scope="row" style="text-align:left;" | Asia Pacific
| 1847.3 || 2115.3 || 3962.6 || 2110.2 || 2168.5 || 4278.8 || 1746.3 || 2046.8 || 3793.0 || 2004.4 || 2102.8 || 4107.2 || 145.3 || 197.6 || 343.0 || 180.0 || 166.3 || 346.3 || 93.7% || 92.2% || 92.9% || 93.6% || 95.0% || 94.3% || 59.9% || 59.6% || 59.7% || 60.4% || 62.4% || 61.4% || 33.8% || 32.7% || 33.2% || 33.2% || 32.6% || 32.9%
|-
! scope="row" style="text-align:left;" | Argentina
| 278.4 || 303.9 || 582.3 || 287.3 || 265.2 || 552.5 || 224.5 || 264.2 || 488.7 || 268.4 || 239.6 || 508.0 || 26.1 || 6.5 || 32.5 || 22.3 || 12.6 || 34.8 || 118.3% || 106.4% || 111.8% || 99.3% || 99.2% || 99.2% || 76.1% || 67.8% || 71.6% || 62.6% || 59.4% || 61.1% || 42.1% || 38.5% || 40.2% || 36.7% || 39.8% || 38.1%
|-
! scope="row" style="text-align:left;" | Brazil
| 482.5 || 520.4 || 1003.0 || 495.6 || 567.5 || 1063.0 || 450.1 || 446.1 || 896.1 || 448.5 || 506.6 || 955.1 || 35.1 || 34.4 || 69.5 || 32.2 || 37.5 || 69.6 || 97.7% || 98.4% || 98.0% || 97.1% || 99.1% || 98.2% || 41.6% || 43.7% || 42.6% || 43.8% || 45.4% || 44.7% || 56.1% || 54.7% || 55.4% || 53.3% || 53.7% || 53.5%
|-
! scope="row" style="text-align:left;" | Rest of Latin America
| 1003.4 || 917.8 || 1921.2 || 865.9 || 1019.6 || 1885.6 || 898.7 || 878.4 || 1777.1 || 849.6 || 932.7 || 1782.3 || 60.3 || 60.3 || 120.6 || 69.3 || 45.1 || 114.4 || 89.2% || 89.0% || 89.1% || 88.0% || 90.8% || 89.5% || 52.2% || 50.0% || 51.1% || 48.1% || 50.2% || 49.2% || 37.0% || 39.1% || 38.0% || 39.9% || 40.6% || 40.3%
|-
! scope="row" style="text-align:left;" | Latin America
| 1764.3 || 1742.1 || 3506.4 || 1648.8 || 1852.3 || 3501.1 || 1573.3 || 1588.7 || 3161.9 || 1566.5 || 1679.0 || 3245.5 || 121.5 || 101.1 || 222.7 || 123.8 || 95.1 || 218.9 || 95.8% || 94.5% || 95.1% || 92.5% || 94.5% || 93.6% || 52.6% || 51.2% || 51.9% || 49.4% || 50.1% || 49.7% || 43.2% || 43.4% || 43.3% || 43.2% || 44.4% || 43.8%
|-
! scope="row" style="text-align:left;" | Group Reinsurance
| 546.7 || 343.3 || 890.0 || 564.3 || 352.0 || 916.3 || 398.3 || 400.2 || 798.5 || 413.6 || 416.9 || 830.5 || (59.6) || (102.4) || (162.0) || (117.9) || (14.7) || (132.7) || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm
|-
! scope="row" style="text-align:left;" | Eliminations
| (1554.0) || (1380.0) || (2934.0) || (1634.8) || (1456.7) || (3091.5) || (1231.6) || (1366.5) || (2598.1) || (1291.6) || (1429.1) || (2720.7) || (0.0) || 0.0 || (0.0) || 0.0 || 0.0 || 0.0 || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm
|-
! scope="row" style="text-align:left;" | Total
| 25342.3 || 21281.9 || 46624.2 || 27143.7 || 23277.8 || 50421.5 || 21445.8 || 23345.8 || 44791.6 || 23014.1 || 25219.5 || 48233.6 || 2224.2 || 1980.2 || 4204.5 || 2429.0 || 2699.6 || 5128.6 || 93.6% || 94.9% || 94.2% || 92.4% || 92.9% || 92.6% || 64.6% || 66.5% || 65.6% || 62.4% || 63.0% || 62.7% || 28.9% || 28.4% || 28.6% || 30.0% || 29.8% || 29.9%
|}
</div>
=== P&C by Customer Unit ===
<!-- RAG-context: Zurich P&C by customer unit, commercial insurance, retail and SME, group reinsurance, gross written premium, insurance revenue, BOP, combined ratio, loss ratio, expense ratio, H1 H2 FY 2024 2025, USD millions -->
''USD millions (ratios as %) | H1/H2/FY for 2024 and 2025 | Source: Zurich Insurance Group''
<div style="overflow-x: auto; max-width: 100%;">
{| class="wikitable" style="text-align:right; white-space: nowrap;"
|-
! scope="col" |
! scope="col" colspan="6" | Gross written premium
! scope="col" colspan="6" | Insurance revenue
! scope="col" colspan="6" | Business operating profit
! scope="col" colspan="6" | Combined ratio
! scope="col" colspan="6" | Loss ratio
! scope="col" colspan="6" | Expense ratio
|-
!
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
! colspan="3" | 2024
! colspan="3" | 2025
|-
!
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
! H1 !! H2 !! FY-24 !! H1 !! H2 !! FY-25
|-
! scope="row" style="text-align:left;" | Commercial insurance
| 16408.4 || 13438.1 || 29846.5 || 16885.9 || 14093.3 || 30979.2 || 13751.8 || 14982.8 || 28734.6 || 14121.4 || 15477.4 || 29598.8 || 1781.4 || 1605.2 || 3386.5 || 1824.1 || 1965.9 || 3790.0 || 91.4% || 93.1% || 92.3% || 90.5% || 91.5% || 91.0% || 66.3% || 68.5% || 67.4% || 64.6% || 66.0% || 65.4% || 25.0% || 24.7% || 24.8% || 25.8% || 25.5% || 25.7%
|-
! scope="row" style="text-align:left;" | Retail and SME
| 8865.2 || 7872.5 || 16737.7 || 10174.7 || 9220.8 || 19395.5 || 7660.6 || 8323.8 || 15984.5 || 8844.8 || 9708.1 || 18552.9 || 502.5 || 477.4 || 979.9 || 722.8 || 748.5 || 1471.3 || 96.4% || 96.5% || 96.5% || 94.1% || 94.6% || 94.4% || 60.9% || 61.8% || 61.3% || 57.7% || 58.4% || 58.1% || 35.6% || 34.7% || 35.1% || 36.3% || 36.3% || 36.3%
|-
! scope="row" style="text-align:left;" | Group Reinsurance
| 546.7 || 343.3 || 890.0 || 564.3 || 352.0 || 916.3 || 398.3 || 400.2 || 798.5 || 413.6 || 416.9 || 830.5 || (59.6) || (102.4) || (162.0) || (117.9) || (14.7) || (132.7) || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm
|-
! scope="row" style="text-align:left;" | Eliminations
| (477.9) || (372.1) || (850.0) || (481.3) || (388.2) || (869.5) || (365.0) || (361.0) || (726.1) || (365.8) || (382.9) || (748.7) || - || - || - || - || - || - || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm || nm
|-
! scope="row" style="text-align:left;" | Total
| 25342.3 || 21281.9 || 46624.2 || 27143.7 || 23277.8 || 50421.5 || 21445.7 || 23345.8 || 44791.5 || 23014.1 || 25219.5 || 48233.6 || 2224.2 || 1980.2 || 4204.5 || 2429.0 || 2699.6 || 5128.6 || 93.6% || 94.9% || 94.2% || 92.4% || 92.9% || 92.6% || 64.6% || 66.5% || 65.6% || 62.4% || 63.0% || 62.7% || 28.9% || 28.4% || 28.6% || 30.0% || 29.8% || 29.9%
|}
</div>
|