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= Zurich Insurance Group – FY2024–FY2025Full FinancialYear SupplementResults 2025: Investor and Media Presentation =
<!-- 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 -->
''Published: February 19, 2026''
== 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 -->
== Slide 1: Title Slide ==
=== BOP by Segment – Detailed Breakdown ===
''USD millions | H1/H2/FY for 2024 and 2025 | Source: Zurich Insurance Group''
'''Zurich Insurance Group'''
<div style="overflow-x: auto; max-width: 100%;">
{| class="wikitable" style="text-align:right; white-space: nowrap; font-size: 0.85em;"
'''Driving growth, delivering value'''
'''Full year results 2025'''
Investor and media presentation – February 19, 2026
== Slide 2: Content / Table of Contents ==
This slide provides the navigational structure for the presentation. Major sections include:
* '''Key highlights''' – Group, P&C, Life, Farmers
* '''Financial performance''' – Group, P&C, Life, Farmers, Customer KPIs, Solvency, Other segments, Investment details
* '''Other important information''' – Disclaimer, Dividend policy, 2023–2025 targets, Outlook, Solvency and balance sheet, Alternative performance measures, Contacts and calendar
== Slide 3: Key Messages ==
'''Successful start to 2025–2027 cycle'''
* '''High quality results''' – Delivering a record BOP of '''USD 8.9bn''' in FY-25, up '''14%''' year-on-year. Record Core ROE of '''26.9%''' with profit growth across all business segments.
* '''P&C: a record top and bottom-line''' – P&C BOP of '''USD 5.1bn''', up '''22%'''. Superior risk selection, improved portfolio mix paired with a favorable cat loss experience reduced CoR by '''1.6ppts''' to '''92.6%'''. GWP up '''8%''', surpassing '''USD 50bn''' for the first time.
* '''Life: strong growth and record CSM''' – BOP of '''USD 2.3bn''', up '''10%''' excluding prior year one-offs. Strong top-line growth, up '''7%''' like-for-like<ref name="lfl">In local currencies and after adjusting for acquisitions, disposals, methodological changes, and the transfer of a Life portfolio to Non-Core Businesses.</ref>. All-time high CSM of '''USD 13.8bn'''.
* '''Farmers is growing''' – Record full year BOP. Farmers Exchanges<ref name="fe">For all references to Farmers Exchanges see the disclaimer and cautionary statement.</ref> GWP up '''4%''' with the rate of policy count growth accelerating throughout the year. Strong underwriting result supports increased surplus ratio of '''52.9%'''.
* '''Cash and capital strength''' – SST ratio of '''259%''' as of FY-25<ref name="sst">Estimated Swiss Solvency Test (SST), calculated based on the Group's internal model approved by the Swiss Financial Market Supervisory Authority (FINMA). The SST ratio as of December 31 has to be filed with FINMA by end of April in the subsequent year and is subject to review by FINMA.</ref>, well in excess of 160% floor. Strong cash remittances of '''USD 7.4bn'''. Record NIAS of '''USD 6.8bn''' supports proposed dividend increase of '''7%''' to '''CHF 30'''.
=== Notes ===
<references />
== Slide 4: Durable Growth, Leading ROE and Strong Cash Conversion ==
''Section: Group (page 4)''
This slide presents four KPI charts showing long-term trends from FY-19 to FY-25 with FY-27 targets.
=== Core EPS (USD) ===
Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT).
{| class="wikitable"
! Fiscal Year !! Core EPS (USD)
|-
| FY-19 || 27.4
! scope="col" style="position: sticky; left: 0; z-index: 2; background: #eaecf0; min-width: 20%; width: 20%;" |
! 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
|-
| FY-20 || 21.5
! style="position: sticky; left: 0; z-index: 2; background: #eaecf0;" |
! 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
|-
| FY-21 || 29.5
! style="position: sticky; left: 0; z-index: 2; background: #eaecf0;" |
! 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
|-
| FY-22 || 34.2
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-23 || 37.9
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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)
|-
| FY-24 || 40.1
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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)
|-
| FY-25 || 45.1
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| '''FY-27 target''' || '''>51.9'''
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
'''CAGR: +9%'''
=== Cash Remittances (USDbn) ===
{| class="wikitable"
! Fiscal Year !! Cash Remittances (USDbn)
|-
| FY-19 || 3.4
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-20 || 3.4
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-21 || 4.4
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-22 || 4.6
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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)
|-
| FY-23 || 4.8
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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)
|-
| FY-24 || 7.1
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-25 || 7.4
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| '''2025–27 target''' || '''>19''' (cumulative)
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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)
=== Dividend per Share (CHF) ===
{| class="wikitable"
! Fiscal Year !! Dividend per Share (CHF)
|-
| FY-19 || 20
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-20 || 20
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-21 || 22
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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)
|-
| FY-22 || 24
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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)
|-
| FY-23 || 26
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-24 || 28
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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)
|-
| FY-25 || 30
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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)
'''CAGR: +7%'''
=== Core ROE (%) ===
Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.
{| class="wikitable"
! Fiscal Year !! Core ROE (%)
|-
| FY-19 || 14%
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-20 || 11%
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
|-
| FY-21 || 14%
! scope="row" style="text-align:left; position: sticky; left: 0; z-index: 1; background: #f8f9fa;" | 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
| FY-22 || 16%
|-
| FY-23 || 23%
|-
| FY-24 || 25%
|-
| FY-25 || 27%
|-
| '''FY-27 target''' || '''>23%'''
|}
</div>
== Slide 5: Strong Start to the 2025–2027 Cycle ==
== 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 -->
''Section: Group (page 5)''
This slide shows FY-25 actuals versus the 2025–2027 strategic cycle targets across four KPIs.
=== P&C by Country and Region ===
''USD millions (ratios as %) | H1/H2/FY for 2024 and 2025 | Source: Zurich Insurance Group''
{| class="wikitable"
<div style="overflow-x: auto; max-width: 100%;">
! KPI !! FY-25 Actual !! 2025–2027 Target
{| class="wikitable" style="text-align:right; white-space: nowrap;"
|-
| Core ROE (%) || '''26.9%''' || >23%
! 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
|-
| Core EPS growth (%) || '''45.1''' (FY-25), +13% vs FY-24 baseline of 40.1 || >9% CAGR to >51.9 by FY-27
!
! 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
|-
| SST (%) || '''259%''' (FY-25 estimate) || Floor ≥160%
!
! 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
|-
| Cash remittances (USDbn) || '''7.4''' || >19.0 (cumulative 2025–2027)
! 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%
=== Notes ===
# Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.
# Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT).
# On Swiss Solvency Test (SST), see footnote on page 3.
== Slide 6: All Businesses Delivering Strong Momentum ==
''Section: Group (page 6)''
This slide shows three charts: GWP, BOP, and NIAS by business segment for FY-23 to FY-25.
=== GWP (USDbn) ===
Gross written premiums for P&C and Life Protection. Gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts).
{| class="wikitable"
! Fiscal Year !! P&C !! Life !! Total GWP
|-
| FY-23 || 44.4 || 32.2 || 76.6
! 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%
|-
| FY-24 || 46.6 || 33.1 || 79.7
! 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%
|-
| FY-25 || 50.4 || 36.2 || 86.6
! 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%
'''CAGR: 6%'''
=== BOP (USDbn) ===
{| class="wikitable"
! Fiscal Year !! P&C !! Life !! Farmers !! Other<ref name="other">Group Functions & Operations and Non-Core Businesses.</ref> !! Total BOP
|-
| FY-23 || 3.9 || 2.1 || 2.3 || −0.9 || 7.4
! 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%
|-
| FY-24 || 4.2 || 2.2 || 2.3 || −1.0 || 7.8
! 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%
|-
| FY-25 || 5.1 || 2.3 || 2.4 || −0.9 || 8.9
! 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%
'''CAGR: 10%'''
=== NIAS (USDbn) ===
{| class="wikitable"
! Fiscal Year !! NIAS (USDbn)
|-
| FY-23 || 4.4
! 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%
|-
| FY-24 || 5.8
! 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%
|-
| FY-25 || 6.8
! 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%
'''CAGR: 25%'''
=== Notes ===
<references />
== Slide 7: Continued Strong Combined Ratio Delivery, Exceptional Profitability Across Both Segments ==
''Section: P&C (page 7)''
This slide shows combined ratios for P&C Group, Retail, and Commercial from FY-23 to FY-25.
=== P&C – Group Combined Ratio (%) ===
{| class="wikitable"
! Fiscal Year !! Combined Ratio (%)
|-
| FY-23 || 94.5%
! 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%
|-
| FY-24 || 94.2%
! 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%
|-
| FY-25 || '''92.6%'''
! 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%
'''Improvement: −1.8ppts''' (FY-23 to FY-25)
=== P&C – Commercial Combined Ratio (%) ===
{| class="wikitable"
! Fiscal Year !! Combined Ratio (%)
|-
| FY-23 || 91.4%
! 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%
|-
| FY-24 || 92.3%
! 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%
|-
| FY-25 || '''91.0%'''
! 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%
'''Improvement: −0.3ppts''' (FY-23 to FY-25)
=== P&C – Retail Combined Ratio (%) ===
{| class="wikitable"
! Fiscal Year !! Combined Ratio (%)
|-
| FY-23 || 99.8%
! 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%
|-
| FY-24 || 96.5%
! 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%
|-
| FY-25 || '''94.4%'''
! 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%
'''Improvement: −5.5ppts''' (FY-23 to FY-25)
== Slide 8: Disciplined Commercial Growth; Retail Supported by Strong Net New Business Growth and Rates ==
''Section: P&C (page 8)''
This slide shows GWP growth waterfall charts for Commercial and Retail segments.
=== P&C GWP Growth by Driver – Commercial (USDbn) ===
{| class="wikitable"
! Component !! Value (USDbn)
|-
| FY-24 GWP || 27.2
! 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
|-
| Rate change || +0.0
! 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
|-
| Exposure change || +0.2
! 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%
| Net new business and other || +0.9
|-
| '''FY-25 GWP''' || '''28.3'''
|}
</div>
'''Growth: +4%'''
=== 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 -->
Notes: "Other" includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. Excludes crop which increased USD 0.1bn year-on-year.
''USD millions (ratios as %) | H1/H2/FY for 2024 and 2025 | Source: Zurich Insurance Group''
=== P&C GWP Growth by Driver – Retail (USDbn) ===
{| class="wikitable"
<div style="overflow-x: auto; max-width: 100%;">
! Component !! Value (USDbn)
{| class="wikitable" style="text-align:right; white-space: nowrap;"
|-
| FY-24 GWP || 16.7
! 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
|-
| Rate change || +0.5
!
! 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
|-
| Exposure change || +0.1
!
! 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
|-
| Net new business and other || +0.8
! 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%
|-
| M&A || +1.3
! 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%
|-
| '''FY-25 GWP''' || '''19.4'''
! 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
'''Growth: +16%'''
Notes: "Other" includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. M&A includes the acquired Zurich Kotak General Insurance and AIG's global personal travel insurance and assistance business.
== Slide 9: Middle Market with Continued Underlying Growth Maintaining Strong Profitability ==
''Section: P&C (page 9)''
=== Middle Market GWP (USDm) – Waterfall FY-24 to FY-25 ===
{| class="wikitable"
! Component !! Value (USDm) !! YoY Growth
|-
| FY-24 GWP || 7,745 ||
! 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
|-
| U.S. Middle Market || +83 || +7%
! 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%
| U.S. MM Specialties || +78 || +16%
|-
| U.S. Programs || +292 || +1%
|-
| U.S. E&S || −307 || −18%
|-
| EMEA Middle Market || −29 || −4%
|-
| Rest of World || −4 ||
|-
| '''FY-25 GWP''' || '''7,858''' ||
|}
</div>
=== Middle Market Rate Change (%) ===
{| class="wikitable"
! Segment !! FY-25 Rate Change !! P&C – Commercial Rate Change
|-
| U.S. Middle Market || +6% || +8%
|-
| U.S. MM Specialties || +2% || −14%
|-
| U.S. Programs || +0% ||
|-
| U.S. E&S || −1% ||
|-
| EMEA || +1% ||
|-
| '''Total''' || '''+2%''' ||
|}
=== U.S. Middle Market Combined Ratio (%) ===
Chart shows the Accident Year Combined Ratio excluding Catastrophes (AY CoR ex Cat) from FY-20 to FY-25. The chart indicates values ranging from approximately 80% to over 100%, but specific annual data points are not individually labeled.
'''Average AY CoR ex Cat: Ø 87.4%'''
== Slide 10: Specialty Growth Supported by AI Infrastructure Demand and Attractive Margins ==
''Section: P&C – Commercial (page 10)''
=== Global Specialty – GWP and Profitability (USDbn, %) ===
Global Specialty remains a profitable growth driver. Chart shows GWP from FY-22 to FY-25.
{| class="wikitable"
! Fiscal Year !! GWP (USDbn)
|-
| FY-22 || 8.4
|-
| FY-23 || 8.7
|-
| FY-24 || 9.4
|-
| FY-25 || 9.6
|}
'''CAGR: 4%'''
'''Average AY CoR ex Cat: Ø 86.5%'''
=== U.S. Construction – Benefiting from Hyperscalers' Buildout (USDbn, %) ===
{| class="wikitable"
! Fiscal Year !! GWP (USDbn)
|-
| FY-22 || 1.4
|-
| FY-23 || 1.6
|-
| FY-24 || 1.7
|-
| FY-25 || 1.9
|}
'''CAGR: 9%'''
'''Average AY CoR ex Cat: Ø 92.0%'''
|