Zurich Insurance Group full year 2025 results investor and media presentation/Farmers and other segments
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| 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.