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This document contains extracted information from slides 1 through 10 of the Zurich Insurance Group investor and media presentation for full year results 2025, dated February 19, 2026 and titled "Driving growth, delivering value." The presentation covers Group-level key messages and financial highlights, Property & Casualty (P&C) performance including combined ratios, GWP growth drivers, Middle Market results, and specialty lines. The source document is available at: [https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/investor-relations/docs/results/2025/q4/investor-media-presentation-including-commentary-annual-results-2025.pdf investor-media-presentation-including-commentary-annual-results-2025.pdf].
= Zurich Insurance Group – Full Year Results 2025: Investor and Media Presentation =
 
''Published: February 19, 2026''
 
{{Section separator}}
== Slide 1: Title Slide ==
<!-- RAG-context: Slide 1 is the cover slide for the Zurich Insurance Group full year 2025 investor and media presentation, dated February 19, 2026, with the tagline "Driving growth, delivering value." -->
 
'''Title:''' Driving growth, delivering value
'''Zurich Insurance Group'''
 
'''Subtitle:''' Full year results 2025
'''Driving growth, delivering value'''
 
'''Date:''' February 19, 2026
'''Full year results 2025'''
 
'''Presenter:''' Zurich Insurance Group — Investor and media presentation
Investor and media presentation – February 19, 2026
 
{{Section separator}}
== Slide 2: Content / Table of Contents ==
== Slide 2: Content ==
<!-- RAG-context: Slide 2 is the table of contents for the Zurich Insurance Group FY2025 presentation, listing three main sections — Key highlights, Financial performance, and Other important information — along with their sub-sections covering Group, P&C, Life, Farmers, solvency, investment, customer KPIs, and outlook. -->
 
The presentation is organized into three main sections:
This slide provides the navigational structure for the presentation. Major sections include:
 
*=== '''Key highlights''' – Group, P&C, Life, Farmers===
*<!-- '''FinancialRAG-context: performance'''The –Key highlights section covers Group-level results, P&C, Life, and Farmers, Customer KPIs, Solvency, Other segments, Investment. details-->
* Group
* '''Other important information''' – Disclaimer, Dividend policy, 2023–2025 targets, Outlook, Solvency and balance sheet, Alternative performance measures, Contacts and calendar
* P&C
* Life
* Farmers
 
=== Financial performance ===
<!-- RAG-context: The Financial performance section covers Group financials, P&C, Life, Farmers, other segments, investment details, and solvency and balance sheet information. -->
* Group
* P&C
* Life
* Farmers
* Other segments
* Investment details
* Solvency and balance sheet
 
=== Other important information ===
<!-- RAG-context: The Other important information section covers the disclaimer, dividend policy, customer KPIs, solvency, 2023–2025 targets, outlook, alternative performance measures, and contacts and calendar. -->
* Disclaimer
* Dividend policy
* Customer KPIs
* Solvency
* 2023–2025 targets
* Outlook
* Alternative performance measures
* Contacts and calendar
 
{{Section separator}}
== Slide 3: Key Messages ==
<!-- RAG-context: Slide 3 presents the key messages for Zurich Insurance Group FY2025 full year results, including record BOP of USD 8.9bn (up 14%), Core ROE of 26.9%, P&C BOP of USD 5.1bn (up 22%), combined ratio of 92.6%, Life BOP of USD 2.3bn (up 10% ex one-offs), CSM of USD 13.8bn, Farmers Exchanges GWP up 4%, SST ratio of 259%, cash remittances of USD 7.4bn, NIAS of USD 6.8bn, and a proposed dividend of CHF 30 (up 7%). -->
 
'''Successful start to 2025–2027 cycle'''
 
==== High quality results ====
* '''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.
<!-- RAG-context: Group-level FY2025 record results including BOP of USD 8.9bn and Core ROE of 26.9%. -->
* '''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.
* Delivered a record BOP of USD 8.9bn in FY-25, up 14% year-on-year.
* '''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'''.
* Record Core ROE of 26.9% with profit growth across all business segments.
* '''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'''.
 
==== P&C: a record top and bottom line ====
=== Notes ===
<!-- RAG-context: P&C segment FY2025 results — BOP of USD 5.1bn (up 22%), combined ratio of 92.6% (down 1.6ppts), GWP surpassing USD 50bn for the first time. -->
<references />
* 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.
 
==== Slide 4Life: Durablestrong Growth, Leading ROEgrowth and Strong Cashrecord ConversionCSM ====
<!-- RAG-context: Life segment FY2025 results — BOP of USD 2.3bn (up 10% ex prior year one-offs), top-line growth up 7% like-for-like, and all-time high CSM of USD 13.8bn. -->
* BOP of USD 2.3bn, up 10% excluding prior year one-offs.
* Strong top-line growth, up 7% like-for-like.<ref>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 ====
''Section: Group (page 4)''
<!-- RAG-context: Farmers segment FY2025 results — record BOP, Farmers Exchanges GWP up 4%, surplus ratio of 52.9%. -->
* Record full year BOP.
* Farmers Exchanges<ref>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 ====
This slide presents four KPI charts showing long-term trends from FY-19 to FY-25 with FY-27 targets.
<!-- RAG-context: Capital and cash metrics for FY2025 — SST ratio of 259%, cash remittances of USD 7.4bn, record NIAS of USD 6.8bn, proposed dividend increase of 7% to CHF 30. -->
* SST ratio of 259% as of FY-25,<ref>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 the 160% floor.
* Strong cash remittances of USD 7.4bn.
* Record NIAS of USD 6.8bn supports proposed dividend increase of 7% to CHF 30.
 
{{Section separator}}
=== Core EPS (USD) ===
== Slide 4: Durable Growth, Leading ROE and Strong Cash Conversion ==
<!-- RAG-context: Slide 4 (Group) presents four charts covering Core EPS (USD), cash remittances (USDbn), dividend per share (CHF), and Core ROE (%) from FY-19 to FY-25, including FY-27 targets. Core EPS grew from 27.4 in FY-19 to 45.1 in FY-25 at a 9% CAGR. Dividend per share grew from CHF 20 to CHF 30 at a 7% CAGR. Core ROE reached 27% in FY-25 vs a >23% FY-27 target. Cash remittances reached USD 7.4bn in FY-25 vs a cumulative 2025–27 target of >USD 19bn. -->
 
=== Core EPS (USD) ===
Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT).
<!-- RAG-context: Core EPS based on BOPAT grew from USD 27.4 in FY-19 to USD 45.1 in FY-25, representing a 9% CAGR, with a FY-27 target of more than USD 51.9. -->
Core Earnings per Share (EPS) in USD, based on business operating profit after tax (BOPAT).
 
{| class="wikitable" style="font-size:0.85em"
! Fiscal Year !! Core EPS (USD)
|-
! style="text-align:center; width:10em" | Period
| FY-19 || 27.4
! style="text-align:center; width:10em" | Core EPS (USD)
|-
| style="background:#fff" | FY-19
| FY-20 || 21.5
| style="background:#fff; text-align:right" | 27.4
|-
| style="background:#fff" | FY-20
| FY-21 || 29.5
| style="background:#fff; text-align:right" | 21.5
|-
| style="background:#fff" | FY-21
| FY-22 || 34.2
| style="background:#fff; text-align:right" | 29.5
|-
| style="background:#fff" | FY-22
| FY-23 || 37.9
| style="background:#fff; text-align:right" | 34.2
|-
| style="background:#fff" | FY-23
| FY-24 || 40.1
| style="background:#fff; text-align:right" | 37.9
|-
| style="background:#fff" | FY-24
| FY-25 || 45.1
| style="background:#fff; text-align:right" | 40.1
|-
| style="background:#fff" | FY-25
| '''FY-27 target''' || '''>51.9'''
| style="background:#fff; text-align:right" | 45.1
|-
| style="background:#fff" | FY-27 target
| style="background:#fff; text-align:right" | >51.9
|}
 
'''CAGR (FY-19 to FY-25): +9%'''.
 
=== Cash Remittances (USDbn) ===
<!-- RAG-context: Cash remittances grew from USD 3.4bn in FY-19 to USD 7.4bn in FY-25. The cumulative 2025–2027 target is more than USD 19bn. -->
 
{| class="wikitable" style="font-size:0.85em"
! Fiscal Year !! Cash Remittances (USDbn)
|-
! style="text-align:center; width:10em" | Period
| FY-19 || 3.4
! style="text-align:center; width:10em" | Cash Remittances (USDbn)
|-
| style="background:#fff" | FY-19
| FY-20 || 3.4
| style="background:#fff; text-align:right" | 3.4
|-
| style="background:#fff" | FY-20
| FY-21 || 4.4
| style="background:#fff; text-align:right" | 3.4
|-
| style="background:#fff" | FY-21
| FY-22 || 4.6
| style="background:#fff; text-align:right" | 4.4
|-
| style="background:#fff" | FY-22
| FY-23 || 4.8
| style="background:#fff; text-align:right" | 4.6
|-
| style="background:#fff" | FY-23
| FY-24 || 7.1
| style="background:#fff; text-align:right" | 4.8
|-
| style="background:#fff" | FY-24
| FY-25 || 7.4
| style="background:#fff; text-align:right" | 7.1
|-
| style="background:#fff" | FY-25
| '''2025–27 target''' || '''>19''' (cumulative)
| style="background:#fff; text-align:right" | 7.4
|}
 
Cumulative 2025–2027 target: >USD 19bn.
 
=== Dividend per Share (CHF) ===
<!-- RAG-context: Dividend per share grew from CHF 20 in FY-19 to CHF 30 in FY-25, a 7% CAGR. -->
 
{| class="wikitable" style="font-size:0.85em"
! Fiscal Year !! Dividend per Share (CHF)
|-
! style="text-align:center; width:10em" | Period
| FY-19 || 20
! style="text-align:center; width:10em" | Dividend per Share (CHF)
|-
| style="background:#fff" | FY-19
| FY-20 || 20
| style="background:#fff; text-align:right" | 20
|-
| style="background:#fff" | FY-20
| FY-21 || 22
| style="background:#fff; text-align:right" | 20
|-
| style="background:#fff" | FY-21
| FY-22 || 24
| style="background:#fff; text-align:right" | 22
|-
| style="background:#fff" | FY-22
| FY-23 || 26
| style="background:#fff; text-align:right" | 24
|-
| style="background:#fff" | FY-23
| FY-24 || 28
| style="background:#fff; text-align:right" | 26
|-
| style="background:#fff" | FY-24
| FY-25 || 30
| style="background:#fff; text-align:right" | 28
|-
| style="background:#fff" | FY-25
| style="background:#fff; text-align:right" | 30
|}
 
'''CAGR (FY-19 to FY-25): +7%'''.
 
=== Core ROE (%) ===
<!-- RAG-context: Core ROE improved from 14% in FY-19 to 27% in FY-25, against a FY-27 target of more than 23%. Core ROE is defined as BOPAT divided by average shareholders' equity excluding unrealized gains and losses. -->
 
Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.
 
{| class="wikitable" style="font-size:0.85em"
|-
! Fiscal Year !! Core ROE (%)
! style="text-align:center; width:10em" | Period
! style="text-align:center; width:10em" | Core ROE (%)
|-
| style="background:#fff" | FY-19
| FY-19 || 14%
| style="background:#fff; text-align:right" | 14%
|-
| style="background:#fff" | FY-20
| FY-20 || 11%
| style="background:#fff; text-align:right" | 11%
|-
| style="background:#fff" | FY-21
| FY-21 || 14%
| style="background:#fff; text-align:right" | 14%
|-
| style="background:#fff" | FY-22
| FY-22 || 16%
| style="background:#fff; text-align:right" | 16%
|-
| style="background:#fff" | FY-23
| FY-23 || 23%
| style="background:#fff; text-align:right" | 23%
|-
| style="background:#fff" | FY-24
| FY-24 || 25%
| style="background:#fff; text-align:right" | 25%
|-
| style="background:#fff" | FY-25
| FY-25 || 27%
| style="background:#fff; text-align:right" | 27%
|-
| '''style="background:#fff" | FY-27 target''' || '''>23%'''
| style="background:#fff; text-align:right" | >23%
|}
 
{{Section separator}}
== Slide 5: Strong Start to the 2025–2027 Cycle ==
<!-- RAG-context: Slide 5 (Group) summarizes FY-25 performance against 2025–2027 cycle targets. Core ROE of 26.9% vs target >23%. Core EPS of 45.1 (up 13% from FY-24 baseline of 40.1) vs 2027 target of >51.9 (>9% CAGR). SST ratio of 259% vs floor of ≥160%. Cash remittances of USD 7.4bn in FY-25 vs cumulative 2025–2027 target of >USD 19.0bn. -->
 
{| class="wikitable" style="font-size:0.85em"
''Section: Group (page 5)''
 
This slide shows FY-25 actuals versus the 2025–2027 strategic cycle targets across four KPIs.
 
{| class="wikitable"
! KPI !! FY-25 Actual !! 2025–2027 Target
|-
! style="text-align:center; width:14em" | Metric
| Core ROE (%) || '''26.9%''' || >23%
! style="text-align:center; width:10em" | FY-25 Actual
! style="text-align:center; width:14em" | 2025–2027 Target
|-
| style="background:#fff" | Core ROE (%)
| Core EPS growth (%) || '''45.1''' (FY-25), +13% vs FY-24 baseline of 40.1 || >9% CAGR to >51.9 by FY-27
| style="background:#fff; text-align:right" | 26.9%
| style="background:#fff; text-align:right" | >23%
|-
| style="background:#fff" | Core EPS (USD)
| SST (%) || '''259%''' (FY-25 estimate) || Floor ≥160%
| style="background:#fff; text-align:right" | 45.1
| style="background:#fff; text-align:right" | >51.9 (>9% CAGR)
|-
| style="background:#fff" | SST ratio (%)
| Cash remittances (USDbn) || '''7.4''' || >19.0 (cumulative 2025–2027)
| style="background:#fff; text-align:right" | 259% (estimated)
| style="background:#fff; text-align:right" | Floor ≥160%
|-
| style="background:#fff" | Cash remittances (USDbn)
| style="background:#fff; text-align:right" | 7.4
| style="background:#fff; text-align:right" | >19.0 (cumulative)
|}
 
Core EPS grew 13% from the FY-24 baseline of USD 40.1 to USD 45.1 in FY-25.
=== 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.
 
'''Notes:'''
* Core ROE is defined as BOPAT divided by average shareholders' equity excluding unrealized gains and losses.
* Core EPS is in USD, based on BOPAT.
* On Swiss Solvency Test (SST), see footnote on slide 3.
 
{{Section separator}}
== Slide 6: All Businesses Delivering Strong Momentum ==
<!-- RAG-context: Slide 6 (Group) shows GWP, BOP, and NIAS from FY-23 to FY-25 broken down by segment (P&C, Life, Farmers, Other). Total GWP grew at a 6% CAGR to USD 86.6bn. Total BOP grew at a 10% CAGR to USD 8.9bn. NIAS grew at a 25% CAGR to USD 6.8bn. P&C was the largest BOP contributor at USD 5.1bn. -->
 
''Section: Group (page 6)''
 
This slide shows three charts: GWP, BOP, and NIAS by business segment for FY-23 to FY-25.
 
=== GWP (USDbn) ===
<!-- RAG-context: Group GWP by segment from FY-23 to FY-25. Includes gross written premiums for P&C and Life Protection, and gross policyholder inflows (incl. deposits) for all other lines of business. Total GWP grew from USD 76.6bn in FY-23 to USD 86.6bn in FY-25 (6% CAGR). -->
Gross written premiums for P&C and Life Protection. Gross policyholder inflows (including deposits) for all other lines of business (including investment and asset management contracts).
 
{| class="wikitable" style="font-size:0.85em"
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).
|-
 
! style="text-align:center; width:10em" | Segment
{| class="wikitable"
! style="text-align:center; width:8em" | FY-23
! Fiscal Year !! P&C !! Life !! Total GWP
! style="text-align:center; width:8em" | FY-24
! style="text-align:center; width:8em" | FY-25
|-
| style="background:#fff" | P&C
| FY-23 || 44.4 || 32.2 || 76.6
| style="background:#fff; text-align:right" | 32.2
| style="background:#fff; text-align:right" | 33.1
| style="background:#fff; text-align:right" | 36.2
|-
| style="background:#fff" | Life, Farmers & Other
| FY-24 || 46.6 || 33.1 || 79.7
| style="background:#fff; text-align:right" | 44.4
| style="background:#fff; text-align:right" | 46.6
| style="background:#fff; text-align:right" | 50.4
|-
| style="background:#fff" | Total
| FY-25 || 50.4 || 36.2 || 86.6
| style="background:#fff; text-align:right" | 76.6
| style="background:#fff; text-align:right" | 79.7
| style="background:#fff; text-align:right" | 86.6
|}
 
'''CAGR (FY-23 to FY-25): 6%'''.
 
=== BOP (USDbn) ===
<!-- RAG-context: Group BOP by segment from FY-23 to FY-25. P&C BOP grew from USD 3.9bn to USD 5.1bn. Life from USD 2.1bn to USD 2.3bn. Farmers from USD 2.3bn to USD 2.4bn. Other (Group Functions & Operations and Non-Core) was USD −0.9bn. Total BOP grew from USD 7.4bn to USD 8.9bn (10% CAGR). -->
 
{| class="wikitable" style="font-size:0.85em"
! Fiscal Year !! P&C !! Life !! Farmers !! Other<ref name="other">Group Functions & Operations and Non-Core Businesses.</ref> !! Total BOP
|-
! style="text-align:center; width:10em" | Segment
| FY-23 || 3.9 || 2.1 || 2.3 || −0.9 || 7.4
! style="text-align:center; width:8em" | FY-23
! style="text-align:center; width:8em" | FY-24
! style="text-align:center; width:8em" | FY-25
|-
| style="background:#fff" | P&C
| FY-24 || 4.2 || 2.2 || 2.3 || −1.0 || 7.8
| style="background:#fff; text-align:right" | 3.9
| style="background:#fff; text-align:right" | 4.2
| style="background:#fff; text-align:right" | 5.1
|-
| style="background:#fff" | Life
| FY-25 || 5.1 || 2.3 || 2.4 || −0.9 || 8.9
| style="background:#fff; text-align:right" | 2.1
|}
| style="background:#fff; text-align:right" | 2.2
 
| style="background:#fff; text-align:right" | 2.3
'''CAGR: 10%'''
 
=== NIAS (USDbn) ===
 
{| class="wikitable"
! Fiscal Year !! NIAS (USDbn)
|-
| style="background:#fff" | Farmers
| FY-23 || 4.4
| style="background:#fff; text-align:right" | 2.3
| style="background:#fff; text-align:right" | 2.3
| style="background:#fff; text-align:right" | 2.4
|-
| style="background:#fff" | Other<ref>Group Functions & Operations and Non-Core Businesses.</ref>
| FY-24 || 5.8
| style="background:#fff; text-align:right" | −0.9
| style="background:#fff; text-align:right" | −1.0
| style="background:#fff; text-align:right" | −0.9
|-
| style="background:#fff" | Total
| FY-25 || 6.8
| style="background:#fff; text-align:right" | 7.4
| style="background:#fff; text-align:right" | 7.8
| style="background:#fff; text-align:right" | 8.9
|}
 
'''CAGR: (FY-23 to FY-25): 10%'''.
 
=== NotesNIAS (USDbn) ===
<!-- RAG-context: Group NIAS grew from USD 4.4bn in FY-23 to USD 6.8bn in FY-25, a 25% CAGR. -->
<references />
 
{| class="wikitable" style="font-size:0.85em"
== 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 (%)
|-
! style="text-align:center; width:10em" | Period
| FY-23 || 94.5%
! style="text-align:center; width:8em" | NIAS (USDbn)
|-
| style="background:#fff" | FY-23
| FY-24 || 94.2%
| style="background:#fff; text-align:right" | 4.4
|-
| style="background:#fff" | FY-24
| FY-25 || '''92.6%'''
| style="background:#fff; text-align:right" | 5.8
|-
| style="background:#fff" | FY-25
| style="background:#fff; text-align:right" | 6.8
|}
 
'''Improvement: −1.8ppts'''CAGR (FY-23 to FY-25): 25%.
 
{{Section separator}}
=== P&C – Commercial Combined Ratio (%) ===
== Slide 7: Continued Strong Combined Ratio Delivery, Exceptional Profitability Across Both Segments ==
<!-- RAG-context: Slide 7 (P&C) shows combined ratios for P&C Group, P&C Commercial, and P&C Retail from FY-23 to FY-25. Group CoR improved from 94.5% to 92.6% (−1.8ppts). Commercial CoR was 91.4% in FY-23, 92.3% in FY-24, and 91.0% in FY-25 (−0.3ppts). Retail CoR improved from 99.8% to 94.4% (−5.5ppts). -->
 
{| class="wikitable" style="font-size:0.85em"
! Fiscal Year !! Combined Ratio (%)
|-
! style="text-align:center; width:12em" | Segment
| FY-23 || 91.4%
! style="text-align:center; width:8em" | FY-23
! style="text-align:center; width:8em" | FY-24
! style="text-align:center; width:8em" | FY-25
! style="text-align:center; width:10em" | Change (FY-23 to FY-25)
|-
| style="background:#fff" | P&C — Group
| FY-24 || 92.3%
| style="background:#fff; text-align:right" | 94.5%
| style="background:#fff; text-align:right" | 94.2%
| style="background:#fff; text-align:right" | 92.6%
| style="background:#fff; text-align:right" | −1.8ppts
|-
| style="background:#fff" | P&C — Commercial
| FY-25 || '''91.0%'''
| style="background:#fff; text-align:right" | 91.4%
|}
| style="background:#fff; text-align:right" | 92.3%
 
| style="background:#fff; text-align:right" | 91.0%
'''Improvement: −0.3ppts''' (FY-23 to FY-25)
| style="background:#fff; text-align:right" | −0.3ppts
 
=== P&C – Retail Combined Ratio (%) ===
 
{| class="wikitable"
! Fiscal Year !! Combined Ratio (%)
|-
| FY-23 || 99.8%
|-
| FY-24 || 96.5%
|-
| style="background:#fff" | P&C — Retail
| FY-25 || '''94.4%'''
| style="background:#fff; text-align:right" | 99.8%
| style="background:#fff; text-align:right" | 96.5%
| style="background:#fff; text-align:right" | 94.4%
| style="background:#fff; text-align:right" | −5.5ppts
|}
 
{{Section separator}}
'''Improvement: −5.5ppts''' (FY-23 to FY-25)
 
== Slide 8: Disciplined Commercial Growth; Retail Supported by Strong Net New Business Growth and Rates ==
<!-- RAG-context: Slide 8 (P&C) shows GWP growth drivers for Commercial and Retail. Commercial GWP grew from USD 27.2bn to USD 28.3bn (+4%), driven by rate change (+0.0bn), exposure change (+0.2bn), and net new business/other (+0.9bn). Retail GWP grew from USD 16.7bn to USD 19.4bn (+16%), driven by rate change (+0.5bn), exposure change (+0.1bn), net new business/other (+0.8bn), and M&A (+1.3bn). -->
 
=== P&C GWP Growth by Driver — Commercial (USDbn) ===
''Section: P&C (page 8)''
<!-- RAG-context: Commercial GWP waterfall from USD 27.2bn (FY-24) to USD 28.3bn (FY-25), +4%. Excludes crop which increased USD 0.1bn year-on-year. -->
 
{| class="wikitable" style="font-size:0.85em"
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)
|-
! style="text-align:center; width:16em" | Driver
| FY-24 GWP || 27.2
! style="text-align:center; width:10em" | Amount (USDbn)
|-
| style="background:#fff" | FY-24 GWP
| Rate change || +0.0
| style="background:#fff; text-align:right" | 27.2
|-
| style="background:#fff" | Rate change
| Exposure change || +0.2
| style="background:#fff; text-align:right" | +0.0
|-
| style="background:#fff" | Exposure change
| Net new business and other || +0.9
| style="background:#fff; text-align:right" | +0.2
|-
| style="background:#fff" | Net new business and other
| '''FY-25 GWP''' || '''28.3'''
| style="background:#fff; text-align:right" | +0.9
|-
| style="background:#fff" | FY-25 GWP
| style="background:#fff; text-align:right" | 28.3
|}
 
'''GrowthTotal growth: +4%'''.
 
'''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.
 
=== P&C GWP Growth by Driver –— Retail (USDbn) ===
<!-- RAG-context: Retail GWP waterfall from USD 16.7bn (FY-24) to USD 19.4bn (FY-25), +16%. Includes M&A contribution of USD 1.3bn from Zurich Kotak General Insurance and AIG's global personal travel insurance business. -->
 
{| class="wikitable" style="font-size:0.85em"
|-
! Component !! Value (USDbn)
! style="text-align:center; width:16em" | Driver
! style="text-align:center; width:10em" | Amount (USDbn)
|-
| style="background:#fff" | FY-24 GWP || 16.7
| style="background:#fff; text-align:right" | 16.7
|-
| style="background:#fff" | Rate change || +0.5
| style="background:#fff; text-align:right" | +0.5
|-
| style="background:#fff" | Exposure change || +0.1
| style="background:#fff; text-align:right" | +0.1
|-
| style="background:#fff" | Net new business and other || +0.8
| style="background:#fff; text-align:right" | +0.8
|-
| style="background:#fff" | M&A
| M&A || +1.3
| style="background:#fff; text-align:right" | +1.3
|-
| '''style="background:#fff" | FY-25 GWP''' || '''19.4'''
| style="background:#fff; text-align:right" | 19.4
|}
 
'''GrowthTotal 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.
 
{{Section separator}}
== Slide 9: Middle Market with Continued Underlying Growth Maintaining Strong Profitability ==
== Slide 9: Middle Market With Continued Underlying Growth Maintaining Strong Profitability ==
<!-- RAG-context: Slide 9 (P&C — Commercial) covers Middle Market GWP (growing from USD 7,745m in FY-24 to USD 7,858m in FY-25), Middle Market rate changes by sub-segment, and U.S. Middle Market combined ratio with an average accident-year CoR excluding catastrophes of 87.4% over FY-20 to FY-25. Sub-segment GWP growth rates: U.S. Middle Market +7%, U.S. MM Specialties +16%, U.S. Programs +1%, U.S. E&S −18%, EMEA −4%. -->
 
=== Middle Market GWP (USDm) ===
''Section: P&C (page 9)''
<!-- RAG-context: Middle Market GWP waterfall from FY-24 (USD 7,745m) to FY-25 (USD 7,858m), with contributions from U.S. Middle Market, U.S. MM Specialties, U.S. Programs, U.S. E&S, EMEA Middle Market, and Rest of World. -->
The chart shows a waterfall from FY-24 total GWP of USD 7,745m to FY-25 total GWP of USD 7,858m, with the following sub-segment contributions (USDm):
 
{| class="wikitable" style="font-size:0.85em"
=== Middle Market GWP (USDm) – Waterfall FY-24 to FY-25 ===
 
{| class="wikitable"
! Component !! Value (USDm) !! YoY Growth
|-
! style="text-align:center; width:14em" | Sub-segment
| FY-24 GWP || 7,745 ||
! style="text-align:center; width:10em" | Change (USDm)
! style="text-align:center; width:10em" | GWP Growth (%)
|-
| style="background:#fff" | U.S. Middle Market || +83 || +7%
| style="background:#fff; text-align:right" | +83
| style="background:#fff; text-align:right" | +7%
|-
| style="background:#fff" | U.S. MM Specialties || +78 || +16%
| style="background:#fff; text-align:right" | +78
| style="background:#fff; text-align:right" | +16%
|-
| style="background:#fff" | U.S. Programs || +292 || +1%
| style="background:#fff; text-align:right" | +292
| style="background:#fff; text-align:right" | +1%
|-
| style="background:#fff" | U.S. E&S
| U.S. E&S || −307 || −18%
| style="background:#fff; text-align:right" | −307
| style="background:#fff; text-align:right" | −18%
|-
| style="background:#fff" | EMEA Middle Market || −29 || −4%
| style="background:#fff; text-align:right" | −29
| style="background:#fff; text-align:right" | −4%
|-
| style="background:#fff" | Rest of World || −4 ||
| style="background:#fff; text-align:right" | −4
| style="background:#fff; text-align:right" | —
|-
| style="background:#fff" | Total (FY-24 → FY-25)
| '''FY-25 GWP''' || '''7,858''' ||
| style="background:#fff; text-align:right" | +113
| style="background:#fff; text-align:right" | —
|}
 
=== Middle Market Rate Change (%) ===
<!-- RAG-context: FY-25 Middle Market rate changes by sub-segment. U.S. Middle Market +6%, U.S. MM Specialties +2%, U.S. Programs +0%, U.S. E&S −1%, EMEA +1%, Total +2%, P&C Commercial overall +8%. -->
 
{| class="wikitable" style="font-size:0.85em"
! Segment !! FY-25 Rate Change !! P&C – Commercial Rate Change
|-
! style="text-align:center; width:14em" | Sub-segment
| U.S. Middle Market || +6% || +8%
! style="text-align:center; width:10em" | FY-25 Rate Change (%)
|-
| style="background:#fff" | U.S. Middle Market
| U.S. MM Specialties || +2% || −14%
| style="background:#fff; text-align:right" | +6%
|-
| style="background:#fff" | U.S. MM Specialties
| U.S. Programs || +0% ||
| style="background:#fff; text-align:right" | +2%
|-
| style="background:#fff" | U.S. Programs
| U.S. E&S || −1% ||
| style="background:#fff; text-align:right" | +0%
|-
| style="background:#fff" | U.S. E&S
| EMEA || +1% ||
| style="background:#fff; text-align:right" | −1%
|-
| style="background:#fff" | EMEA
| '''Total''' || '''+2%''' ||
| style="background:#fff; text-align:right" | +1%
|-
| style="background:#fff" | Total
| style="background:#fff; text-align:right" | +2%
|-
| style="background:#fff" | P&C — Commercial (overall)
| style="background:#fff; text-align:right" | +8%
|}
 
=== U.S. Middle Market Combined Ratio (%) ===
<!-- RAG-context: U.S. Middle Market accident-year combined ratio excluding catastrophes averaged 87.4% over FY-20 to FY-25, with data shown from FY-20 through FY-25. The chart also shows a reference line at −14% for context. -->
The chart shows the U.S. Middle Market accident-year combined ratio excluding catastrophes (AY CoR ex Cat) from FY-20 through FY-25, with an average of 87.4% over the period.
 
{{Section separator}}
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 ==
<!-- RAG-context: Slide 10 (P&C — Commercial) covers Global Specialty and U.S. Construction. Global Specialty GWP grew from USD 8.4bn in FY-22 to USD 9.6bn in FY-25 (4% CAGR) with an average AY CoR ex Cat of 86.5%. U.S. Construction GWP grew from USD 1.4bn in FY-22 to USD 1.9bn in FY-25 (9% CAGR) with an average AY CoR ex Cat of 92.0%, supported by hyperscalers' buildout and AI infrastructure demand. -->
 
=== Global Specialty (USDbn) ===
''Section: P&C – Commercial (page 10)''
<!-- RAG-context: Global Specialty GWP from FY-22 to FY-25 with a 4% CAGR and average accident-year CoR excluding catastrophes of 86.5%. -->
Global Specialty remains a profitable growth driver.
 
{| class="wikitable" style="font-size:0.85em"
=== 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)
|-
! style="text-align:center; width:10em" | Period
| FY-22 || 8.4
! style="text-align:center; width:10em" | GWP (USDbn)
|-
| style="background:#fff" | FY-22
| FY-23 || 8.7
| style="background:#fff; text-align:right" | 8.4
|-
| style="background:#fff" | FY-23
| FY-24 || 9.4
| style="background:#fff; text-align:right" | 8.7
|-
| style="background:#fff" | FY-24
| FY-25 || 9.6
| style="background:#fff; text-align:right" | 9.4
|-
| style="background:#fff" | FY-25
| style="background:#fff; text-align:right" | 9.6
|}
 
CAGR (FY-22 to FY-25): 4%. Average AY CoR ex Cat: 86.5%.
'''CAGR: 4%'''
 
=== U.S. Construction (USDbn) ===
'''Average AY CoR ex Cat: Ø 86.5%'''
<!-- RAG-context: U.S. Construction GWP from FY-22 to FY-25 with a 9% CAGR and average AY CoR ex Cat of 92.0%, benefiting from hyperscalers' data center buildout. -->
U.S. Construction is benefiting from hyperscalers' buildout and AI infrastructure demand.
 
{| class="wikitable" style="font-size:0.85em"
=== U.S. Construction – Benefiting from Hyperscalers' Buildout (USDbn, %) ===
 
{| class="wikitable"
! Fiscal Year !! GWP (USDbn)
|-
! style="text-align:center; width:10em" | Period
| FY-22 || 1.4
! style="text-align:center; width:10em" | GWP (USDbn)
|-
| style="background:#fff" | FY-22
| FY-23 || 1.6
| style="background:#fff; text-align:right" | 1.4
|-
| style="background:#fff" | FY-23
| FY-24 || 1.7
| style="background:#fff; text-align:right" | 1.6
|-
| style="background:#fff" | FY-24
| FY-25 || 1.9
| style="background:#fff; text-align:right" | 1.7
|-
| style="background:#fff" | FY-25
| style="background:#fff; text-align:right" | 1.9
|}
 
CAGR (FY-22 to FY-25): 9%. Average AY CoR ex Cat: 92.0%.
'''CAGR: 9%'''
 
'''Average AY CoR ex Cat: Ø 92.0%'''
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