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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. -->
== 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 ==
<!-- 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. -->


{| class="wikitable" style="font-size:0.85em"
{| class="wikitable" style="width:100%; text-align:right"
|+ Farmers BOP breakdown (USDm)
|+ Zurich Insurance — Farmers Segment BOP Breakdown (USD millions), FY25 vs FY24
! style="text-align:center; width:34%" | Component
! style="text-align:left" | Component
! style="text-align:center; width:22%" | FY-24
! style="text-align:right; width:6em" | FY24
! style="text-align:center; width:22%" | FY-25
! style="text-align:right; width:6em" | FY25
! style="text-align:center; width:22%" | Change
! style="text-align:right; width:6em" | Change
|-
|-
| style="background:#fff" | Farmers Management Services (FMS)
| style="text-align:left" | Farmers Management Services (FMS)
| 2,074
| style="background:#fff; text-align:right" | 2,074
| 2,152
| style="background:#fff; text-align:right" | 2,152
| +4%
| style="background:#fff; text-align:right" | +4%
|-
|-
| style="background:#fff" | Farmers Re
| style="text-align:left" | Farmers Re
| 192
| style="background:#fff; text-align:right" | 192
| 243
| style="background:#fff; text-align:right" | 243
| +27%
| style="background:#fff; text-align:right" | +27%
|-
|-
| style="background:#fff" | Farmers Life
| style="text-align:left" | Farmers Life
| 20
| style="background:#fff; text-align:right" | 20
| −7
| style="background:#fff; text-align:right" | −7
| −27
| style="background:#fff; text-align:right" | −27
|-
|-
| style="background:#fff" | Total Farmers
| style="text-align:left; background:#f8f9fa" | '''Total Farmers'''
| style="background:#fff; text-align:right" | 2,286
| style="background:#f8f9fa" | '''2,286'''
| style="background:#fff; text-align:right" | 2,387
| style="background:#f8f9fa" | '''2,387'''
| style="background:#fff; text-align:right" | +4%
| style="background:#f8f9fa" | '''+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 Management Services (FMS) BOP rose 4% YoY, 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 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.
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<!-- 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). -->
<!-- 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). -->


{| class="wikitable" style="font-size:0.85em"
{| class="wikitable" style="width:100%; text-align:right"
|+ Group Functions and Operations BOP (USDm)
|+ Zurich Insurance — Group Functions and Operations BOP (USD millions), FY25 vs FY24
! style="text-align:center; width:34%" | Component
! style="text-align:left" | Component
! style="text-align:center; width:22%" | FY-24
! style="text-align:right; width:6em" | FY24
! style="text-align:center; width:22%" | FY-25
! style="text-align:right; width:6em" | FY25
! style="text-align:center; width:22%" | Change
! style="text-align:right; width:6em" | Change
|-
|-
| style="background:#fff" | Headquarters (HQ)
| style="text-align:left" | Headquarters (HQ)
| −354
| style="background:#fff; text-align:right" | −354
| −400
| style="background:#fff; text-align:right" | −400
| −46
| style="background:#fff; text-align:right" | −46
|-
|-
| style="background:#fff" | Zurich Global Ventures
| style="text-align:left" | Zurich Global Ventures
| −20
| style="background:#fff; text-align:right" | −20
| −17
| style="background:#fff; text-align:right" | −17
| +3
| style="background:#fff; text-align:right" | +3
|-
|-
| style="background:#fff" | Holding and Financing
| style="text-align:left" | Holding and Financing
| −496
| style="background:#fff; text-align:right" | −496
| −483
| style="background:#fff; text-align:right" | −483
| +13
| style="background:#fff; text-align:right" | +13
|-
|-
| style="background:#fff" | Total
| style="text-align:left; background:#f8f9fa" | '''Total'''
| style="background:#fff; text-align:right" | −870
| style="background:#f8f9fa" | '''−870'''
| style="background:#fff; text-align:right" | −900
| style="background:#f8f9fa" | '''−900'''
| style="background:#fff; text-align:right" | −30
| style="background:#f8f9fa" | '''−30'''
|}
|}


{| class="wikitable" style="font-size:0.85em"
{| class="wikitable" style="width:100%; text-align:right"
|+ Non-Core Businesses BOP (USDm)
|+ Zurich Insurance — Non-Core Businesses BOP (USD millions), FY25 vs FY24
! style="text-align:center; width:34%" | FY-24
! style="text-align:right; width:6em" | FY24
! style="text-align:center; width:33%" | FY-25
! style="text-align:right; width:6em" | FY25
! style="text-align:center; width:33%" | Change
! style="text-align:right; width:6em" | Change
|-
|-
| −104
| style="background:#fff; text-align:right" | −104
| −48
| style="background:#fff; text-align:right" | −48
| +56
| style="background:#fff; text-align:right" | +56
|}
|}


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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.
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.
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 YoY loss development and the absence of the prior year's reinsurance loss.

Revision as of 02:14, 1 March 2026

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

Zurich Insurance — Farmers Segment BOP Breakdown (USD millions), FY25 vs FY24
Component FY24 FY25 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% YoY, 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.

~*~

Slide 47: Group Functions and Operations with unfavorable FX impact; Non-Core Businesses report favorable year-on-year experience

Zurich Insurance — Group Functions and Operations BOP (USD millions), FY25 vs FY24
Component FY24 FY25 Change
Headquarters (HQ) −354 −400 −46
Zurich Global Ventures −20 −17 +3
Holding and Financing −496 −483 +13
Total −870 −900 −30
Zurich Insurance — Non-Core Businesses BOP (USD millions), FY25 vs FY24
FY24 FY25 Change
−104 −48 +56
~*~

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 YoY loss development and the absence of the prior year's reinsurance loss.

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