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

<!-- 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 ==

<!-- 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. -->