Zurich Insurance Group full year 2025 results investor and media presentation/Farmers and other segments: Difference between revisions
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<!-- RAG-context: This section covers the detailed financial performance of the Farmers segment (FMS, Farmers Re, Farmers Life), Group Functions and Operations, and Non-Core Businesses, including BOP breakdowns and commentary. --> |
<!-- RAG-context: This section covers the detailed financial performance of the Farmers segment (FMS, Farmers Re, Farmers Life), Group Functions and Operations, and Non-Core Businesses, including BOP breakdowns and commentary. --> |
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== Slide 46: FMS and Farmers Re BOP driven by Farmers Exchanges premium growth and outstanding underwriting results == |
== Slide 46: FMS and Farmers Re BOP driven by Farmers Exchanges premium growth and outstanding underwriting results == |
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<!-- 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. --> |
<!-- 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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Revision as of 10:38, 25 February 2026
| Component | FY-24 | FY-25 | Change |
|---|---|---|---|
| Farmers Management Services (FMS) | 2,074 | 2,152 | +4% |
| Farmers Re | 192 | 243 | +27% |
| Farmers Life | 20 | −7 | −27 |
| Total Farmers | 2,286 | 2,387 | +4% |
Farmers Management Services (FMS) BOP rose 4% year-on-year, supported by higher gross earned premiums at the Farmers Exchanges and strong growth in Agency Brokerages. The Managed GEP margin remained stable at 7.0%.
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.
Farmers Life reported BOP of USD −7m, down USD 27m from prior year, reflecting higher project expenses supporting the launch of the new platform and non-repeating prior year impacts related to the Resolution Life transaction.
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Slide 47: Group Functions and Operations with unfavorable FX impact; Non-Core Businesses report favorable year-on-year experience
| Component | FY-24 | FY-25 | Change |
|---|---|---|---|
| Headquarters (HQ) | −354 | −400 | −46 |
| Zurich Global Ventures | −20 | −17 | +3 |
| Holding and Financing | −496 | −483 | +13 |
| Total | −870 | −900 | −30 |
| FY-24 | FY-25 | Change |
|---|---|---|
| −104 | −48 | +56 |
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Slide 48: Commentary – Group Functions and Operations & Non-Core Businesses
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.
The Group's Non-Core Businesses reported an operating loss of USD 48 million, an improvement from the USD 104 million loss in the prior year, driven by favorable year-on-year loss development and the absence of the prior year's reinsurance loss.