Zurich Insurance Group full year 2025 results investor and media presentation/Farmers and other segments: Difference between revisions

== Slide 46: FMS and Farmers Re BOP driven by Farmers Exchanges premium growth and outstanding underwriting results ==

<!-- RAG-context: Slide 46 shows Farmers total BOP of USD 2,387m (FY-25) vs USD 2,286m (FY-24), +4%. Breakdown: FMS USD 2,152m (+4%), Farmers Re USD 243m (+27%), Farmers Life USD −7m (down USD 27m from USD 20m). FMS BOP rose 4% from higher Farmers Exchanges GEP and Agency Brokerages growth; MGEP margin stable at 7.0%. Farmers Re driven by improved underwriting at Exchanges, partly offset by lower reinsurance participation (8.0% vs 10%). Quota share renewed at 5.75% effective Dec 31, 2025. Farmers Life BOP down due to higher project expenses for new platform launch and non-repeating Resolution Life transaction impacts. -->

 

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Farmers Re delivered BOP of USD 243m, up 27% from prior year, driven by improved underwriting at the Farmers Exchanges, partly offset by a lower reinsurance participation of 8.0% versus 10% last year. The participation in the all-lines quota share was renewed at 5.75%, effective December 31, 2025.

<!-- RAG-context: Slide 47 shows Group Functions and Operations BOP of −USD 900m (FY-25) vs −USD 870m (FY-24), comprising HQ −USD 400m (from −USD 354m), Zurich Global Ventures −USD 17m (from −USD 20m), and Holding and Financing −USD 483m (from −USD 496m). Non-Core Businesses BOP of −USD 48m (FY-25) vs −USD 104m (FY-24). -->

 

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Group Functions and Operations reported net expenses of USD 900 million, driven by an unfavorable foreign-exchange translation effect, reflecting the USD weakening against the CHF.