Zurich Insurance Group full year 2025 results investor and media presentation/Farmers and other segments
| Component | FY24 | FY25 | 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% YoY, 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.
Slide 47: Group Functions and Operations with unfavorable FX impact; Non-Core Businesses report favorable year-on-year experience
| Component | FY24 | FY25 | Change |
|---|---|---|---|
| Headquarters (HQ) | −354 | −400 | −46 |
| Zurich Global Ventures | −20 | −17 | +3 |
| Holding and Financing | −496 | −483 | +13 |
| Total | −870 | −900 | −30 |
| FY24 | FY25 | Change |
|---|---|---|
| −104 | −48 | +56 |
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 YoY loss development and the absence of the prior year's reinsurance loss.