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Zurich Insurance Group – Full Year Results 2025: Investor and Media Presentation

Published: February 19, 2026

Slide 1: Title Slide

Zurich Insurance Group

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[1]. All-time high CSM of USD 13.8bn.
  • Farmers is growing – Record full year BOP. Farmers Exchanges[2] 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[3], 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

  1. ↑ In local currencies and after adjusting for acquisitions, disposals, methodological changes, and the transfer of a Life portfolio to Non-Core Businesses.
  2. ↑ For all references to Farmers Exchanges see the disclaimer and cautionary statement.
  3. ↑ 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.

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).

Fiscal Year Core EPS (USD)
FY-19 27.4
FY-20 21.5
FY-21 29.5
FY-22 34.2
FY-23 37.9
FY-24 40.1
FY-25 45.1
FY-27 target >51.9

CAGR: +9%

Cash Remittances (USDbn)

Fiscal Year Cash Remittances (USDbn)
FY-19 3.4
FY-20 3.4
FY-21 4.4
FY-22 4.6
FY-23 4.8
FY-24 7.1
FY-25 7.4
2025–27 target >19 (cumulative)

Dividend per Share (CHF)

Fiscal Year Dividend per Share (CHF)
FY-19 20
FY-20 20
FY-21 22
FY-22 24
FY-23 26
FY-24 28
FY-25 30

CAGR: +7%

Core ROE (%)

Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.

Fiscal Year Core ROE (%)
FY-19 14%
FY-20 11%
FY-21 14%
FY-22 16%
FY-23 23%
FY-24 25%
FY-25 27%
FY-27 target >23%

Slide 5: Strong Start to the 2025–2027 Cycle

Section: Group (page 5)

This slide shows FY-25 actuals versus the 2025–2027 strategic cycle targets across four KPIs.

KPI FY-25 Actual 2025–2027 Target
Core ROE (%) 26.9% >23%
Core EPS growth (%) 45.1 (FY-25), +13% vs FY-24 baseline of 40.1 >9% CAGR to >51.9 by FY-27
SST (%) 259% (FY-25 estimate) Floor ≥160%
Cash remittances (USDbn) 7.4 >19.0 (cumulative 2025–2027)

Notes

  1. Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.
  2. Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT).
  3. 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).

Fiscal Year P&C Life Total GWP
FY-23 44.4 32.2 76.6
FY-24 46.6 33.1 79.7
FY-25 50.4 36.2 86.6

CAGR: 6%

BOP (USDbn)

Fiscal Year P&C Life Farmers Other[1] Total BOP
FY-23 3.9 2.1 2.3 −0.9 7.4
FY-24 4.2 2.2 2.3 −1.0 7.8
FY-25 5.1 2.3 2.4 −0.9 8.9

CAGR: 10%

NIAS (USDbn)

Fiscal Year NIAS (USDbn)
FY-23 4.4
FY-24 5.8
FY-25 6.8

CAGR: 25%

Notes

  1. ↑ Group Functions & Operations and Non-Core Businesses.

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 (%)

Fiscal Year Combined Ratio (%)
FY-23 94.5%
FY-24 94.2%
FY-25 92.6%

Improvement: −1.8ppts (FY-23 to FY-25)

P&C – Commercial Combined Ratio (%)

Fiscal Year Combined Ratio (%)
FY-23 91.4%
FY-24 92.3%
FY-25 91.0%

Improvement: −0.3ppts (FY-23 to FY-25)

P&C – Retail Combined Ratio (%)

Fiscal Year Combined Ratio (%)
FY-23 99.8%
FY-24 96.5%
FY-25 94.4%

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)

Component Value (USDbn)
FY-24 GWP 27.2
Rate change +0.0
Exposure change +0.2
Net new business and other +0.9
FY-25 GWP 28.3

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)

Component Value (USDbn)
FY-24 GWP 16.7
Rate change +0.5
Exposure change +0.1
Net new business and other +0.8
M&A +1.3
FY-25 GWP 19.4

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

Component Value (USDm) YoY Growth
FY-24 GWP 7,745
U.S. Middle Market +83 +7%
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

Middle Market Rate Change (%)

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.

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, %)

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%

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