Test
BOP by business
Business operating profit by business
in USD millions
| Property & Casualty | Life | Farmers | Group Functions and Operations | Non-Core Businesses | Eliminations | Total | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | |||||||||||||||||||||||||||||
| 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 | |
| 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 |
| 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) |
| 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) |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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) |
| 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) |
| 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 |
| 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 |
| 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) |
| 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 |
| 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 |
| 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) |
| 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) |
| 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 |
| 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) |
| 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) |
| 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 |
| 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 |
| 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 |
P&C by country & customer unit
Property & Casualty – Overview by country
in USD millions
| Gross written premium | Insurance revenue | Business operating profit | Combined ratio | Loss ratio | Expense ratio | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | |||||||||||||||||||||||||
| 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 | |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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 |
| 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 |
| 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% |
Property & Casualty – Overview by customer unit
in USD millions
| Gross written premium | Insurance revenue | Business operating profit | Combined ratio | Loss ratio | Expense ratio | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | |||||||||||||||||||||||||
| 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 | |
| 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% |
| 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% |
| 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 |
| 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 |
| 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% |