Companies · Company profile
Zurich Insurance Group
ZURN · SIX Swiss Exchange [2] Source: Zurich Insurance Group Annual Report 2025
A global multi-line insurer spanning commercial, retail and life insurance, with a distinctive fee-based business serving the US Farmers Exchanges.
In brief
Zurich combines a leading commercial insurance business with substantial retail and life operations across multiple markets. In the US, it manages services for the policyholder-owned Farmers Exchanges, alongside related reinsurance and life businesses.
- Headquarters
- Zurich, Switzerland [2] Source: Zurich Insurance Group Annual Report 2025
- Employees
- More than 65,000 [2] Source: Zurich Insurance Group Annual Report 2025Annual Report 2025
- Last investor day
- 18 November 2025 [8] Source: Zurich Insurance Group investor relations: calendar and eventsZurich Insights 2025, which the Annual Report 2025 calls the 2025 Investor Day
- Latest full year
- FY2025
- Latest interim
- H1 2026
- Profile updated
- 11 October 2026
Business model: Composite insurer (property & casualty and life)
DemonstrationFactual record
Insurance and financial economics
Reported figures, each with its period, unit and source. Changes are calculated against the same period a year earlier.
Business operating profit (BOP)
USD 8,856m
FY2025 · USD m [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6
+1,105m (+14.3%) against FY2024
Core return on equity
26.9%
FY2025 [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6
+2.3 pp against FY2024
Swiss Solvency Test (SST) ratio
259%
FY2025, at 31 December 2025 [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 5
+6.0 pp against FY2024
P&C combined ratio
92.6%
FY2025 [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6
−1.6 pp against FY2024Lower is better
Performance over time
Full years compiled, oldest first
Full years FY2024 to FY2025, IFRS 17, USD m [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6
Full years FY2024 to FY2025, reported, per cent [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6
Full years FY2024 to FY2025, IFRS 17, per cent; lower is better [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6
Business mix
FY2025; the mix is shown for full years only
- Property & Casualty52%5,129
- Farmers24%2,387
- Life23%2,288
Share of business operating profit of the three operating segments (USD 9,804m). Group Functions and Operations (USD −900m) and Non-Core Businesses (USD −48m) are excluded; group BOP was USD 8,856m. [2] Source: Zurich Insurance Group Annual Report 2025, p. 388, table 26.3
- North America44%22,119
- Europe, Middle East & Africa41%20,652
- Asia Pacific8%4,107
- Latin America6%3,245
Share of P&C insurance revenue of the four regions (USD 50,123m), before Group Reinsurance (USD 831m) and eliminations (USD −2,721m). Life and Farmers are not included. [2] Source: Zurich Insurance Group Annual Report 2025, p. 384, P&C overview by segment
Segment economics
FY2025 (USD millions unless stated)
| Metric | Property & Casualty | Life | Farmers | Other | Group |
|---|---|---|---|---|---|
| Insurance revenue | 48,234 | 12,323 | 2,245 | 144c | 62,945 |
| Change on FY2024 | +7.7% | +5.3% | −23.7% | n.m. | +5.8% |
| Business operating profit | 5,129 | 2,288 | 2,387 | −948c | 8,856 |
| Change on FY2024 | +22.0% | +2.4% | +4.4% | n.m. | +14.3% |
| Share of group operating profit | 58% | 26% | 27% | n.m. | 100% |
| Profitability measure | Combined ratio92.6% | New business CSMUSD 1,231m | Not disclosed | N/A | N/A |
Changes and shares are calculated from the reported values. n.m.: not meaningful (a loss, or a negative contribution). c Other: Group Functions and Operations, Non-Core Businesses and eliminations, summed from Zurich's segment table. [2] Source: Zurich Insurance Group Annual Report 2025, p. 388, table 26.3
Detailed financial tables
FY2025 against FY2024
Key financials
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Insurance revenue | USD 62,945m [2] Source: Zurich Insurance Group Annual Report 2025, p. 388, table 26.3 | USD 59,507m | +3,438m (+5.8%) |
| Business operating profit (BOP) | USD 8,856m [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6 | USD 7,751m | +1,105m (+14.3%) |
| Net income attributable to shareholders | USD 6,798m [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6 | USD 5,814m | +984m (+16.9%) |
| Core return on equity (%) | 26.9% [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6 | 24.6% | +2.3 pp |
| Core earnings per share (USD) | USD 45.10 [3] Source: Investor and media presentation including commentary, annual results 2025, p. 4, chart 'Core EPS (USD)' | USD 40.10 | +5.00 (+12.5%) |
Property & Casualty underwriting
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Gross written premiums and policy fees | USD 50,422m [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6 | USD 46,624m | +3,798m (+8.2%) |
| Insurance revenue | USD 48,234m [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6 | USD 44,792m | +3,442m (+7.7%) |
| Loss ratio (%) | 62.7% [2] Source: Zurich Insurance Group Annual Report 2025, p. 262 | 65.6% | −2.9 pp |
| Expense ratio (%) | 29.9% [2] Source: Zurich Insurance Group Annual Report 2025, p. 262 | 28.6% | +1.3 pp |
| P&C combined ratio (%) | 92.6% [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 6 | 94.2% | −1.6 pp |
Business operating profit (BOP)
USD 4,767m
H1 2026 · USD m [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 6
+540m (+12.8%) against H1 2025
Core return on equity
25.1%
H1 2026 [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 6
−1.2 pp against H1 2025
Zurich also reports 27.1% adjusted for the capital raised for Beazley.
Swiss Solvency Test (SST) ratio
266%
H1 2026, at 30 June 2026 [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 5
+11.0 pp against H1 2025
Does not reflect the USD 4.9bn capital raised in March 2026.
P&C combined ratio
92.7%
H1 2026 [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 6
+0.3 pp against H1 2025Lower is better
Performance over time
First halves compiled, oldest first
No values compiled for this period type.
No values compiled for this period type.
No values compiled for this period type.
Business mix
FY2025; the mix is shown for full years only
- Property & Casualty52%5,129
- Farmers24%2,387
- Life23%2,288
Share of business operating profit of the three operating segments (USD 9,804m). Group Functions and Operations (USD −900m) and Non-Core Businesses (USD −48m) are excluded; group BOP was USD 8,856m. [2] Source: Zurich Insurance Group Annual Report 2025, p. 388, table 26.3
- North America44%22,119
- Europe, Middle East & Africa41%20,652
- Asia Pacific8%4,107
- Latin America6%3,245
Share of P&C insurance revenue of the four regions (USD 50,123m), before Group Reinsurance (USD 831m) and eliminations (USD −2,721m). Life and Farmers are not included. [2] Source: Zurich Insurance Group Annual Report 2025, p. 384, P&C overview by segment
Segment economics
H1 2026 (USD millions unless stated)
| Metric | Property & Casualty | Life | Farmers | Other | Group |
|---|---|---|---|---|---|
| Insurance revenue | 24,965 | 6,791 | 956 | 120c | 32,833 |
| Change on H1 2025 | +8.5% | +17.6% | −14.0% | n.m. | +9.6% |
| Business operating profit | 2,806 | 1,271 | 1,176 | −487c | 4,767 |
| Change on H1 2025 | +15.5% | +23.3% | +1.9% | n.m. | +12.8% |
| Share of group operating profit | 59% | 27% | 25% | n.m. | 100% |
| Profitability measure | Combined ratio92.7% | New business CSMUSD 664m | Not disclosed | N/A | N/A |
Changes and shares are calculated from the reported values. n.m.: not meaningful (a loss, or a negative contribution). c Other: Group Functions and Operations, Non-Core Businesses and eliminations, summed from Zurich's segment table. [5] Source: Zurich Insurance Group Half Year Report 2026, p. 64, table 14.3
Detailed financial tables
H1 2026 against H1 2025
Key financials
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Insurance revenue | USD 32,833m [5] Source: Zurich Insurance Group Half Year Report 2026, p. 64, table 14.3 | USD 29,969m | +2,864m (+9.6%) |
| Business operating profit (BOP) | USD 4,767m [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 6 | USD 4,227m | +540m (+12.8%) |
| Net income attributable to shareholders | USD 3,489m [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 6 | USD 3,065m | +424m (+13.8%) |
| Core return on equity (%) | 25.1% [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 6a | 26.3% | −1.2 pp |
| Core earnings per share (USD) | Not compiled b | ||
- aH1 2026: Zurich also reports 27.1% adjusted for the capital raised for Beazley.
- bHalf-year Core EPS was not compiled.
Property & Casualty underwriting
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Gross written premiums and policy fees | USD 29,859m [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 6 | USD 27,144m | +2,715m (+10.0%) |
| Insurance revenue | USD 24,965m [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 6 | USD 23,014m | +1,951m (+8.5%) |
| Loss ratio (%) | 62.1% [5] Source: Zurich Insurance Group Half Year Report 2026, p. 6 | 62.4% | −0.3 pp |
| Expense ratio (%) | 30.6% [5] Source: Zurich Insurance Group Half Year Report 2026, p. 6 | 30% | +0.6 pp |
| P&C combined ratio (%) | 92.7% [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 6 | 92.4% | +0.3 pp |
Factual record: drivers
From outcome to drivers
Each headline result broken into the reported figures that make it up. A bridge is drawn only where the parts add up to the total in Zurich's own figures; select any driver for its figures and source page.
What moved the P&C loss ratio
How much of the change in the loss ratio came from the underlying accident year, catastrophes, discounting and reserve releases?
- Loss ratio, FY202465.6%
- Loss ratio, FY202562.7%
Where P&C operating profit came from
Did P&C operating profit grow through underwriting or investment results?
- P&C BOP, FY2024USD 4,204m
- P&C BOP, FY2025USD 5,129m
What moved business operating profit
Which segments account for the change in group business operating profit?
- Group BOP, FY2024USD 7,751m
- Group BOP, FY2025USD 8,856m
What moved the P&C combined ratio
Did claims or expenses drive the change in the Property & Casualty combined ratio?
- Combined ratio, FY202494.2%
- Combined ratio, FY202592.6%
Where insurance revenue grew
Which segments account for the change in group insurance revenue?
- Group insurance revenue, FY2024USD 59,507m
- Group insurance revenue, FY2025USD 62,945m
Factual record
Balance sheet, capital and investments
Capital position and allocation
Reported figures; nothing here is estimated
Full years FY2020 to FY2025, at each year-end reporting date, SST basis [1] Source: Zurich Insurance Group full year results 2025 (media release), p. 5 [9] Source: Zurich Insurance Group annual results 2020 (news release), p. 8 (text) and p. 9
Latest interim, shown separately: 266% at 30 June 2026 [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 5Does not reflect the USD 4.9bn capital raised in March 2026.
Swiss Solvency Test ratio under Zurich's FINMA-approved internal model, the group's capital target basis since FY2020 (replacing Z-ECM). Ratios to FY2023 are Zurich's estimates as of 1 January of the following year; from FY2024 they are stated at 31 December. Zurich moved to FINMA standard yield curves in Q1 2020 and changed its ratio wording in 2023 (available financial resources net of the market value margin over target capital). Available and target capital are held as separate metrics in USD. A change is calculated only from FY2024, when Zurich began stating the ratio at 31 December.
1 January 2021: Estimated, as of 1 January of the following year.
1 January 2022: Estimated, as of 1 January of the following year.
1 January 2023: Estimated at 265% in the FY2022 release; 267% as cited in the FY2023 release.
1 January 2024: Estimated, as of 1 January of the following year.
FY2024
Cash remittances7.1 [3] Source: Investor and media presentation including commentary, annual results 2025, p. 54, chart 'Cash remittances (USDbn)'Dividends paid to shareholders4.2 [2] Source: Zurich Insurance Group Annual Report 2025, p. 87FY2025
Cash remittances7.4 [3] Source: Investor and media presentation including commentary, annual results 2025, p. 54, chart 'Cash remittances (USDbn)'Dividends paid to shareholders4.7 [2] Source: Zurich Insurance Group Annual Report 2025, p. 87
Dividends paid to shareholders converted from USD millions for display. Shown side by side, not as a waterfall: the two measures come from different statements and other flows sit between them, so they do not reconcile.
No capital waterfall is shown. Available and target capital are held at each date, but a waterfall needs Zurich's analysis of their movement (operating capital generation, markets, dividends, model changes), which is not compiled here, so a bridge would have to be estimated.
Balance sheet and investments
FY2025 against FY2024, year end; USD millions unless stated
Total investments are Group investments plus investments for unit-linked contracts, whose risk is borne by policyholders.
Private-market investments
FY2025 against FY2024, year end; USD millions unless stated
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Private credit | Not disclosed a | ||
| Infrastructure | Not disclosed b | ||
| of which impact infrastructure private debt | 851 [2] Source: Zurich Insurance Group Annual Report 2025, p. 171, impact investing portfolio | 748 | +13.8% |
| Real estate (investment property) | 12,703 [2] Source: Zurich Insurance Group Annual Report 2025, p. 276, consolidated balance sheet | 11,734 | +8.3% |
| Mortgage loans | 4,262 [2] Source: Zurich Insurance Group Annual Report 2025, p. 276, consolidated balance sheet | 4,047 | +5.3% |
| Private equity | Not disclosed c | ||
| of which impact private equity | 284 [2] Source: Zurich Insurance Group Annual Report 2025, p. 171, impact investing portfolio | 210 | +35.2% |
| Total private-market investments | Not disclosed d | ||
- aNot separately disclosed. Zurich reports 'credit, private debt' together: 43.5% of its USD 177.6bn economic-view portfolio at end-2025 (Annual Report p. 271).
- bNo infrastructure total is disclosed.
- cNot separately disclosed. Reported with hedge funds: 2.5% of the economic-view portfolio at end-2025 (Annual Report p. 271).
- dNot disclosed, and not calculated: the categories above cannot be summed without omissions.
Real estate and mortgage loans are the same lines as in the balance-sheet table, not additional assets. Impact investments are subsets of wider holdings that are not separately disclosed.
Capital strength and allocation
FY2025 against FY2024, year end; USD millions unless stated
- aFY2025: Column header: "Risk-bearing capital incl. risk margin". Disclosed in USD; no CHF figure in FCR. Reconciliation from IFRS equity on p. 30 (MVM -3,548).
- bFY2025: Expected shortfall 99% one-year. 43,170 / 16,646 = 259% (reconciles).
- cFY2024: 36,431 / 14,396 = 253% (reconciles).
- dFY2024: Disclosed as USD 12.9bn.
- eFY2025: Columns 06/30/2026, 12/31/2025.
- fFY2024: Disclosed in USD bn.
Capital deployment and balance-sheet actions
- Completed the acquisition of Beazley plc, the specialty insurer. [7] Source: Zurich completes Beazley acquisition (media release)
- AGM approved the FY2025 dividend of CHF 30 per share, paid on 14 April 2026. [5] Source: Zurich Insurance Group Half Year Report 2026
- Agreed to acquire Generali's non-life business in Ireland (RedClick), subject to closing. [5] Source: Zurich Insurance Group Half Year Report 2026EUR 337m
- Placed 7,090,909 new shares at CHF 550 to help finance the Beazley acquisition. [5] Source: Zurich Insurance Group Half Year Report 2026CHF 3.9bn
Limits of this record
- Balance-sheet, private-market and capital tables compare year ends (31 December 2025 and 2024) only.
- SST available and target capital are reported in USD (Financial Condition Report 2025 and presentations), not CHF; FY2023 and interim figures are rounded to USD 0.1bn.
- Catastrophe losses and prior-year reserve development are disclosed only in points of the loss ratio, not in USD.
- Zurich does not disclose separate totals for private credit, infrastructure or private equity.
- The Beazley acquisition completed on 2 October 2026, after the latest reported period. No figure on this page includes Beazley.
- FY2020 to FY2022 are on IFRS 4 and are shown as a separate series; Zurich restated FY2022 on IFRS 17, so FY2022 appears on both bases. IFRS 4 and IFRS 17 figures are never compared.
- FY2020 to FY2023 cover headline measures only (BOP, net income, ROE, SST, P&C combined ratio and GWP, remittances, dividend); segment, balance-sheet and investment detail starts in FY2024.
Intelligence: signals
Signals
Dated developments, each with its primary source. What happened is stated as reported; why it may matter is labelled as our interpretation.
Leadership and governance
Zurich names the leadership of Beazley and Zurich Global Specialty
- Reported
- On completing the Beazley acquisition, Zurich announced that Kristof Terryn is appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval, and that Adrian Cox will leave Beazley. Helen Pickford, CFO of Zurich UK, will become CFO of Beazley and Zurich Global Specialty.
- Our interpretation · working hypothesis
- Adrian Cox's departure from Beazley, with a Zurich-appointed chief executive and a Zurich finance director at the head of the combined business, suggests the specialty business will be run as an integrated part of Zurich rather than as an autonomous franchise. That may make cost savings and capital extraction easier to deliver, but raises the risk of losing the underwriting talent on which the franchise's value rests. Zurich's stated commitment to retain key talent and the Beazley brand points the other way; whether Beazley's senior underwriters stay, and whether it keeps its own underwriting authority, will show which effect dominates.
- Zurich
- M&A · Operating Models
- High confidence
- Demonstration
Strategy and business model
First announced
Zurich completes its acquisition of Beazley
- Reported
- On 2 March 2026 Zurich and Beazley announced agreement on a recommended all-cash offer by Zurich for the entire share capital of Beazley, implemented by a court-sanctioned scheme of arrangement. The scheme became effective on 1 October 2026: Beazley shareholders are entitled to 1,310 pence per share, and Beazley shares were expected to be delisted from the London Stock Exchange.
- Our interpretation · working hypothesis
- Zurich's stated rationale is to combine Beazley's underwriting with its own capital and distribution. The value case rests on Beazley's underwriters keeping their margins as volume grows, which Zurich's target of more than USD 1 billion of incremental annual revenue, a management claim, does not by itself show. Completion provides no performance evidence; the first tests are the specialty book's combined ratio and the retention of its underwriting teams in the first periods reported inside Zurich.
- Zurich
- M&A · Underwriting
- Medium confidence
- Demonstration
Financial and underwriting
Zurich reports higher half-year operating profit
- Reported
- Zurich reported business operating profit of USD 4,767m for the first half of 2026, against USD 4,227m a year earlier, and net income attributable to shareholders of USD 3,489m against USD 3,065m. The P&C combined ratio was 92.7%, against 92.4%. The estimated SST ratio was 266% at 30 June 2026, before the March 2026 capital raise is reflected.
- Our interpretation · working hypothesis
- With the P&C combined ratio slightly higher (92.7% against 92.4%), the 13% rise in operating profit came mainly from higher P&C volume, investment results and Life rather than from a better P&C ratio: P&C operating profit rose USD 377 million on revenue about 8% higher, and Life added USD 240 million. Zurich's commentary shows reserve development and catastrophe losses moving in opposite directions by region, so the half-year ratio says little about underlying margins; the full-year combined ratio excluding catastrophes and prior-year development is the test of whether they are holding.
- Zurich
- Underwriting · Capital Management
- High confidence
- Demonstration
Strategy and business model
Zurich agrees to buy Generali's Irish non-life business
- Reported
- On 6 March 2026 Zurich agreed to acquire the non-life insurance business of Generali in Ireland, trading as RedClick, for EUR 337m, subject to a closing adjustment. The acquisition includes a portfolio of UK insurance liabilities in run-off.
- Our interpretation · working hypothesis
- Buying a non-life book with an attached portfolio of UK liabilities in run-off means Zurich takes on reserve risk as well as premium income. Whether EUR 337 million creates value depends on the book's earnings relative to that price and on the run-off reserves proving adequate; the source gives no rationale or expected return, so the closing adjustment and any reserve development on the run-off portfolio are the tests.
- Zurich
- M&A
- Medium confidence
- Demonstration
Capital and investments
Zurich raises CHF 3.9bn of new equity towards Beazley
- Reported
- On 4 March 2026 Zurich placed 7,090,909 new shares at CHF 550 each, raising gross proceeds of CHF 3.9bn (USD 4.9bn) to support the financing of the Beazley acquisition.
- Our interpretation · supported by the sources
- Funding part of Beazley with CHF 3.9 billion of new shares, rather than with existing capital and debt alone, limits the effect on the solvency ratio and on leverage at the cost of spreading future earnings over about 5% more shares. Per-share returns rise only if the acquisition adds more to earnings than the dilution takes away. Zurich says it will, forecasting mid-single-digit Core EPS accretion from the first year, but that is a forecast, not a result.
- Zurich
- Capital Management · M&A
- High confidence
- Demonstration
Leadership and governance
Zurich proposes a new director and a new Vice-Chair
- Reported
- Zurich's Board proposed the election of Mary Forrest, formerly President and CEO North America Life at Munich Re, at the Annual General Meeting on 8 April 2026, and announced its intention to appoint Jasmin Staiblin as Vice-Chair, succeeding Christoph Franz, who did not stand for re-election after reaching the maximum tenure of 12 years.
- Our interpretation · supported by the sources
- No interpretation is offered. The sources state the nominations and the reason for Christoph Franz's departure but give no rationale that would support an economic reading, so this is kept in the historical record as a dated governance change only.
- Zurich
- Ownership & Control
- High confidence
- Demonstration
Zurich in the signal register, with the historical record →
Developments are found by a weekly manual review and checked against primary sources. Nothing is monitored automatically.
Intelligence: change over time
Trajectory
How the company is changing. Observations restate what the figures show; drivers are our inference and are labelled as such.
Full years FY2023 to FY2025, reported, USD [3] Source: Investor and media presentation including commentary, annual results 2025, p. 4, chart 'Core EPS (USD)'
Management target FY2027 target: more than USD 51.9 [3] Source: Investor and media presentation including commentary, annual results 2025, p. 4
Full years FY2020 to FY2025, reported, USD bn [3] Source: Investor and media presentation including commentary, annual results 2025, p. 54, chart 'Cash remittances (USDbn)' [13] Source: Financial overview, annual results 2020, PDF p. 12 (Treasury and capital management)
Management target 2025 to 2027 cumulative target: more than USD 19bn [3] Source: Investor and media presentation including commentary, annual results 2025, p. 4
Full years FY2020 to FY2025, reported, CHF [2] Source: Zurich Insurance Group Annual Report 2025, p. 33 [9] Source: Zurich Insurance Group annual results 2020 (news release), p. 1 (headline bullets)
What the figures show
Observation- Business operating profit rose 14% in FY2025 (USD 8,856m against 7,751m) and 13% in H1 2026 against H1 2025.
- Property & Casualty supplied most of the FY2025 increase: its operating profit rose by USD 925m, against USD 53m for Life and USD 101m for Farmers.
- The P&C combined ratio improved by 1.6 points in FY2025 as the loss ratio fell from 65.6% to 62.7%, while the expense ratio rose from 28.6% to 29.9%. In H1 2026 it was 0.3 points higher than a year earlier.
- Core EPS rose from USD 37.9 in FY2023 to USD 45.1 in FY2025, and cash remittances from USD 4.8bn to USD 7.4bn.
- The SST ratio rose from 253% to 259% over 2025 and stood at 266% at 30 June 2026, a figure that does not yet reflect the March 2026 capital raise.
Possible drivers
Our inference- Earnings growth in FY2025 came from underwriting rather than investment: the P&C insurance service result rose from USD 3,500m to USD 4,545m while net investment income on Group investments was almost unchanged (USD 5,742m against 5,730m).
- The Beazley acquisition and the new Zurich Global Specialty structure point to a deliberate shift of the P&C mix towards specialty commercial lines.
Changes that happen at the same time are not assumed to cause each other.
Intelligence: forward-looking
Outlook
What may happen next. Management's own targets and commitments are attributed to their source and kept apart from our assessment.
Management guidance and commitments
Attributed to the companyFY2027target
Core EPS of more than USD 51.9. [3] Source: Investor and media presentation including commentary, annual results 2025, p. 4
FY2027target
Core return on equity of more than 23%. [3] Source: Investor and media presentation including commentary, annual results 2025, p. 4
2025 to 2027target
Cumulative cash remittances of more than USD 19bn. [3] Source: Investor and media presentation including commentary, annual results 2025, p. 4
H1 2026statement
“At the midpoint of our current cycle, we are ahead of all our targets” (Mario Greco, Group CEO). [4] Source: Zurich Insurance Group half year results 2026 (media release), p. 1
By 2029commitment
Beazley integration to generate more than USD 1bn of incremental annual revenue growth and at least USD 150m of combined annual cost savings, with at least USD 1bn of one-off capital extraction within the first two years. [7] Source: Zurich completes Beazley acquisition (media release), p. 1
Our forward assessment
Inference from the evidence aboveOpportunities
- Greater scale in specialty insurance, where Beazley's underwriting can be combined with Zurich's balance sheet and distribution.
- Capital headroom: an SST ratio of 266% at 30 June 2026 before the capital raise is reflected leaves room to absorb the acquisition.
Risks and uncertainties
- Integration of Beazley, and the effect of its catastrophe and specialty exposures on the combined ratio and the SST ratio.
- Part of the combined ratio benefit comes from discounting under IFRS 17, which moves with interest rates rather than underwriting.
- Farmers earnings depend on the growth of the Farmers Exchanges, which Zurich manages but does not own.
Possible inflection points
- The first reported period that consolidates Beazley.
- Results for FY2027, the end of the current target cycle.
Evidence that would confirm it
- A P&C combined ratio that holds near the 92% to 93% range once Beazley is consolidated.
- Cash remittances on course for the USD 19bn cumulative target.
Evidence that would challenge it
- A rise in the combined ratio driven by the specialty book.
- An SST ratio that falls by more than the capital raise offsets once the acquisition is reflected.
- Synergies that fall short of the stated USD 150m of annual cost savings.
What to monitor
- The SST ratio at 31 December 2026.
- Zurich Global Specialty leadership taking up their roles, subject to regulatory approval.
- Completion of the RedClick acquisition in Ireland.
An analytical assessment of published information, not a forecast and not a recommendation to buy, sell or hold any security.
Intelligence: reserved
Management language and strategic signals
Not yet analysed
This section is reserved for a dated comparison of what Zurich's management says across results, investor days and annual reports, quoted from the source with the date and speaker, and kept apart from our reading of it. The analysis has not been done, so nothing is shown here.
Evidence
Data coverage and definitions
What this profile holds for each period, and how every metric is defined, measured and sourced. Gaps are shown as gaps; nothing is estimated to complete a series.
Historical context, FY2020 to FY2025Reported headline figures across the IFRS 4 to IFRS 17 change. Values only: no trends or growth rates are calculated across the break.
Zurich moved from IFRS 4 to IFRS 17 in 2023 and restated FY2022, so FY2022 appears on both bases. Accounting measures are compared only within a basis. The SST ratio, cash remittances and the dividend do not depend on the accounting basis and run across the break; SST ratios to FY2023 are estimates as of 1 January of the following year. A dot marks a value not in the record. Hover a figure for the source text it was read from.
Coverage by period
| Metric (group level) | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | H1 2025 | H1 2026 |
|---|---|---|---|---|---|---|---|---|
| Insurance revenue | Not in the record | Not in the record | Reported: USD 95m | Reported: USD 95m | Reported: USD 59,507m | Reported: USD 62,945m | Reported: USD 29,969m | Reported: USD 32,833m |
| Business operating profit (BOP) | Not in the record | Not in the record | Reported: USD 6,123m | Reported: USD 7,381m | Reported: USD 7,751m | Reported: USD 8,856m | Reported: USD 4,227m | Reported: USD 4,767m |
| Net income attributable to shareholders | Not in the record | Not in the record | Reported: USD 3,964m | Reported: USD 4,351m | Reported: USD 5,814m | Reported: USD 6,798m | Reported: USD 3,065m | Reported: USD 3,489m |
| Core return on equity | Not in the record | Not in the record | Reported: 17.8% | Reported: 23.1% | Reported: 24.6% | Reported: 26.9% | Reported: 26.3% | Reported: 25.1% |
| Core earnings per share | Not in the record | Not in the record | Not in the record | Reported: USD 37.90 | Reported: USD 40.10 | Reported: USD 45.10 | Not compiled yet: Half-year Core EPS was not compiled. | Not compiled yet: Half-year Core EPS was not compiled. |
| Swiss Solvency Test (SST) ratio | Reported: 182% | Reported: 212% | Reported: 267% | Reported: 233% | Reported: 253% | Reported: 259% | Reported: 255% | Reported: 266% |
| Business operating profit (IFRS 4) | Reported: USD 4,241m | Reported: USD 5,742m | Reported: USD 6,451m | Not in the record | Not in the record | Not in the record | Not in the record | Not in the record |
| Net income attributable to shareholders (IFRS 4) | Reported: USD 3,834m | Reported: USD 5,202m | Reported: USD 4,603m | Not in the record | Not in the record | Not in the record | Not in the record | Not in the record |
| BOPAT ROE (IFRS 4) | Reported: 11% | Reported: 14% | Reported: 15.7% | Not in the record | Not in the record | Not in the record | Not in the record | Not in the record |
| P&C combined ratio (IFRS 4) | Reported: 98.4% | Reported: 94.3% | Reported: 94.3% | Not in the record | Not in the record | Not in the record | Not in the record | Not in the record |
| P&C gross written premiums and policy fees (IFRS 4) | Reported: USD 35,518m | Reported: USD 40,123m | Reported: USD 43,335m | Not in the record | Not in the record | Not in the record | Not in the record | Not in the record |
| Accident-year loss ratio excluding catastrophes (undiscounted) | Not in the record | Not in the record | Not in the record | Reported: 68.2% | Reported: 67.7% | Reported: 66.6% | Reported: 65.9% | Reported: 66.2% |
| Catastrophe losses (points of the loss ratio) | Not in the record | Not in the record | Not in the record | Reported: 3% | Reported: 3.1% | Reported: 1.2% | Reported: 1.8% | Reported: 1.9% |
| Effect of discounting (points of the loss ratio) | Not in the record | Not in the record | Not in the record | Reported: -3.6% | Reported: -3.6% | Reported: -3.3% | Reported: -3.5% | Reported: -3.5% |
| Prior-year reserve development (points of the loss ratio) | Not in the record | Not in the record | Not in the record | Reported: -1.5% | Reported: -1.6% | Reported: -1.8% | Reported: -1.8% | Reported: -2.4% |
| Net investment income (Group) | Not in the record | Not in the record | Not in the record | Reported: USD 5,382m | Reported: USD 5,730m | Reported: USD 5,742m | Reported: USD 2,768m | Reported: USD 3,166m |
| Net investment return on Group investments | Not in the record | Not in the record | Not in the record | Reported: 3.3% | Reported: 4.6% | Reported: 4.6% | Reported: 1.9% | Reported: 2.4% |
| Total debt | Not in the record | Not in the record | Not in the record | Reported: USD 13,700m | Reported: USD 12,900m | Reported: USD 14,021m | Reported: USD 14,500m | Reported: USD 14,083m |
| Senior debt | Not in the record | Not in the record | Not in the record | Reported: USD 5,200m | Reported: USD 4,000m | Reported: USD 4,246m | Reported: USD 4,400m | Reported: USD 4,898m |
| Subordinated debt | Not in the record | Not in the record | Not in the record | Reported: USD 8,600m | Reported: USD 8,900m | Reported: USD 9,775m | Reported: USD 10,100m | Reported: USD 9,185m |
| Gross written premiums and policy fees | Not in the record | Not in the record | Reported: USD 41,435m | Reported: USD 44,401m | Reported: USD 46,624m | Reported: USD 50,422m | Reported: USD 27,144m | Reported: USD 29,859m |
| Insurance revenue | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 44,792m | Reported: USD 48,234m | Reported: USD 23,014m | Reported: USD 24,965m |
| Loss ratio | Not in the record | Not in the record | Not in the record | Not in the record | Reported: 65.6% | Reported: 62.7% | Reported: 62.4% | Reported: 62.1% |
| Expense ratio | Not in the record | Not in the record | Not in the record | Not in the record | Reported: 28.6% | Reported: 29.9% | Reported: 30% | Reported: 30.6% |
| P&C combined ratio | Not in the record | Not in the record | Not in the record | Not in the record | Reported: 94.2% | Reported: 92.6% | Reported: 92.4% | Reported: 92.7% |
| Total assets | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 358,005m | Reported: USD 407,211m | Not in the record | Not in the record |
| Total investments | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 301,098m | Reported: USD 345,060m | Not in the record | Not in the record |
| Group investments | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 152,562m | Reported: USD 169,006m | Not in the record | Not in the record |
| Debt securities | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 118,415m | Reported: USD 129,583m | Not in the record | Not in the record |
| Equity securities | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 14,182m | Reported: USD 17,741m | Not in the record | Not in the record |
| Real estate (investment property) | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 11,734m | Reported: USD 12,703m | Not in the record | Not in the record |
| Mortgage loans | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 4,047m | Reported: USD 4,262m | Not in the record | Not in the record |
| Other financial assets | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 4,039m | Reported: USD 4,474m | Not in the record | Not in the record |
| Investments for unit-linked contracts | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 148,535m | Reported: USD 176,054m | Not in the record | Not in the record |
| Insurance contract liabilities | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 230,479m | Reported: USD 259,043m | Not in the record | Not in the record |
| Liabilities for investment contracts | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 66,507m | Reported: USD 79,485m | Not in the record | Not in the record |
| Shareholders' equity | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 25,472m | Reported: USD 28,515m | Not in the record | Not in the record |
| Private credit | Not in the record | Not in the record | Not in the record | Not in the record | Not disclosed by the company: Not separately disclosed. Zurich reports 'credit, private debt' together: 43.5% of its USD 177.6bn economic-view portfolio at end-2025 (Annual Report p. 271). | Not disclosed by the company: Not separately disclosed. Zurich reports 'credit, private debt' together: 43.5% of its USD 177.6bn economic-view portfolio at end-2025 (Annual Report p. 271). | Not in the record | Not in the record |
| Infrastructure | Not in the record | Not in the record | Not in the record | Not in the record | Not disclosed by the company: No infrastructure total is disclosed. | Not disclosed by the company: No infrastructure total is disclosed. | Not in the record | Not in the record |
| of which impact infrastructure private debt | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 748m | Reported: USD 851m | Not in the record | Not in the record |
| Private equity | Not in the record | Not in the record | Not in the record | Not in the record | Not disclosed by the company: Not separately disclosed. Reported with hedge funds: 2.5% of the economic-view portfolio at end-2025 (Annual Report p. 271). | Not disclosed by the company: Not separately disclosed. Reported with hedge funds: 2.5% of the economic-view portfolio at end-2025 (Annual Report p. 271). | Not in the record | Not in the record |
| of which impact private equity | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 210m | Reported: USD 284m | Not in the record | Not in the record |
| Total private-market investments | Not in the record | Not in the record | Not in the record | Not in the record | Not disclosed by the company: Not disclosed, and not calculated: the categories above cannot be summed without omissions. | Not disclosed by the company: Not disclosed, and not calculated: the categories above cannot be summed without omissions. | Not in the record | Not in the record |
| SST risk-bearing capital (available capital) | Not in the record | Not in the record | Not in the record | Reported: USD 34,300m | Reported: USD 36,431m | Reported: USD 43,170m | Reported: USD 40,800m | Reported: USD 44,400m |
| SST target capital (required capital) | Not in the record | Not in the record | Not in the record | Reported: USD 14,700m | Reported: USD 14,396m | Reported: USD 16,646m | Reported: USD 16,000m | Reported: USD 16,700m |
| Cash remittances | Reported: USD 3.4bn | Reported: USD 4.4bn | Reported: USD 4.6bn | Reported: USD 4.8bn | Reported: USD 7.1bn | Reported: USD 7.4bn | Not in the record | Not in the record |
| Dividends paid to shareholders | Not in the record | Not in the record | Not in the record | Not in the record | Reported: USD 4,156m | Reported: USD 4,665m | Not in the record | Not in the record |
| Dividend per share | Reported: CHF 20.00 | Reported: CHF 22.00 | Reported: CHF 24.00 | Reported: CHF 26.00 | Reported: CHF 28.00 | Reported: CHF 30.00 | Not in the record | Not in the record |
| Net movement in treasury shares | Not in the record | Not in the record | Not in the record | Not in the record | Reported: −USD 1,309m | Reported: −USD 450m | Not in the record | Not in the record |
| Acquisitions of companies, net of cash acquired | Not in the record | Not in the record | Not in the record | Not in the record | Reported: −USD 1,078m | Reported: −USD 50m | Not in the record | Not in the record |
| Metrics with a value | 8/50 | 8/50 | 13/50 | 20/50 | 41/50 | 41/50 | 21/50 | 21/50 |
- ●Reported
- ◐Calculated from reported figures
- ○Estimate
- NDNot disclosed by the company
- NANot applicable
- NCNot compiled yet
- ·Not in the record
Metric registry
Scale and revenue8 metrics
Insurance revenue · Group
USD m · IFRS 17 · Within business model
Group insurance revenue under IFRS 17, all segments after eliminations. Not the same measure as gross written premiums.
Periods: FY2022, FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [12] Source: Zurich Insurance Group annual results 2023 (media release)[2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
P&C gross written premiums and policy fees (IFRS 4) · Group
USD m · IFRS 4 · Company-defined
P&C gross written premiums and policy fees under IFRS 4, which counts single-parent captives gross. Not comparable with IFRS 17 GWP.
Periods: FY2020, FY2021, FY2022. Sources: [9] Source: Zurich Insurance Group annual results 2020 (news release)[10] Source: Zurich Insurance Group annual results 2021 (news release)[11] Source: Zurich Insurance Group annual results 2022 (news release)
Insurance revenue · Property & Casualty
USD m · IFRS 17 · Within business model
Insurance revenue under IFRS 17.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Insurance revenue · Life
USD m · IFRS 17 · Within business model
Insurance revenue under IFRS 17.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Insurance revenue · Farmers
USD m · IFRS 17 · Within business model
Insurance revenue under IFRS 17.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Insurance revenue · Other
USD m · IFRS 17 · Within business model
Insurance revenue under IFRS 17.
Periods: FY2024 (calculated), H1 2025 (calculated), FY2025 (calculated), H1 2026 (calculated). Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Gross written premiums and policy fees · Group
USD m · Within business model
P&C gross written premiums and policy fees, before reinsurance.
Periods: FY2022, FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [12] Source: Zurich Insurance Group annual results 2023 (media release)[1] Source: Zurich Insurance Group full year results 2025 (media release)[4] Source: Zurich Insurance Group half year results 2026 (media release)
Insurance revenue · Group
USD m · IFRS 17 · Within business model
P&C insurance revenue under IFRS 17.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [1] Source: Zurich Insurance Group full year results 2025 (media release)[4] Source: Zurich Insurance Group half year results 2026 (media release)
Earnings12 metrics
Business operating profit (BOP) · Group
USD m · IFRS 17 · Company-defined
Zurich's own measure of underlying group performance; an alternative performance measure.
Periods: FY2022, FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [12] Source: Zurich Insurance Group annual results 2023 (media release)[1] Source: Zurich Insurance Group full year results 2025 (media release)[4] Source: Zurich Insurance Group half year results 2026 (media release)
Net income attributable to shareholders · Group
USD m · IFRS 17 · Peer-comparable
IFRS net income attributable to shareholders, after tax.
Periods: FY2022, FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [12] Source: Zurich Insurance Group annual results 2023 (media release)[1] Source: Zurich Insurance Group full year results 2025 (media release)[4] Source: Zurich Insurance Group half year results 2026 (media release)
Core earnings per share · Group
USD · Company-defined
Business operating profit after tax per diluted share, on Zurich's definition.
Periods: FY2023, FY2024, FY2025. Missing: H1 2026, H1 2025. Sources: [3] Source: Investor and media presentation including commentary, annual results 2025
Business operating profit (IFRS 4) · Group
USD m · IFRS 4 · Company-defined
Zurich's business operating profit under IFRS 4, before the move to IFRS 17 in 2023. Not comparable with IFRS 17 BOP: FY2022 was USD 6,451m on IFRS 4 and USD 6,123m restated.
Periods: FY2020, FY2021, FY2022. Sources: [9] Source: Zurich Insurance Group annual results 2020 (news release)[10] Source: Zurich Insurance Group annual results 2021 (news release)[11] Source: Zurich Insurance Group annual results 2022 (news release)
Net income attributable to shareholders (IFRS 4) · Group
USD m · IFRS 4 · Company-defined
Net income attributable to shareholders under IFRS 4. Not comparable with IFRS 17 figures.
Periods: FY2020, FY2021, FY2022. Sources: [9] Source: Zurich Insurance Group annual results 2020 (news release)[10] Source: Zurich Insurance Group annual results 2021 (news release)[11] Source: Zurich Insurance Group annual results 2022 (news release)
Insurance service result · Property & Casualty
USD m · IFRS 17 · Within business model
P&C underwriting result under IFRS 17: insurance revenue less insurance service expenses and net reinsurance.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Net investment result in BOP · Property & Casualty
USD m · IFRS 17 · Company-defined
P&C investment income plus realised gains, less insurance finance expense, as included in business operating profit.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Fee result, other result and non-controlling interests · Property & Casualty
USD m · IFRS 17 · Company-defined
P&C BOP items other than the insurance service result and net investment result, as one figure in Zurich's BOP chart.
Periods: FY2023, FY2024, FY2025. Missing: H1 2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[3] Source: Investor and media presentation including commentary, annual results 2025
Business operating profit · Property & Casualty
USD m · Company-defined
Zurich's own operating measure, by segment.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Business operating profit · Life
USD m · Company-defined
Zurich's own operating measure, by segment.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Business operating profit · Farmers
USD m · Company-defined
Zurich's own operating measure, by segment.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Business operating profit · Other
USD m · Company-defined
Zurich's own operating measure, by segment.
Periods: FY2024 (calculated), H1 2025 (calculated), FY2025 (calculated), H1 2026 (calculated). Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Returns2 metrics
Core return on equity · Group
% · Company-defined
Business operating profit after tax over average shareholders' equity, on Zurich's definition (previously BOPAT ROE). Reported basis.
Periods: FY2022, FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [12] Source: Zurich Insurance Group annual results 2023 (media release)[1] Source: Zurich Insurance Group full year results 2025 (media release)[4] Source: Zurich Insurance Group half year results 2026 (media release)
BOPAT ROE (IFRS 4) · Group
% · IFRS 4 · Company-defined
Business operating profit after tax over average common shareholders' equity excluding unrealised gains and losses, under IFRS 4. Not comparable with the IFRS 17 measure, where equity is lower.
Periods: FY2020, FY2021, FY2022. Sources: [9] Source: Zurich Insurance Group annual results 2020 (news release)[10] Source: Zurich Insurance Group annual results 2021 (news release)[11] Source: Zurich Insurance Group annual results 2022 (news release)
Solvency and capital position3 metrics
Swiss Solvency Test (SST) ratio · Group
% · SST · Company-defined
Zurich's estimate under its FINMA-approved internal model. Comparable only with other SST reporters, not with Solvency II ratios.
Periods: FY2020, FY2021, FY2022, FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [12] Source: Zurich Insurance Group annual results 2023 (media release)[10] Source: Zurich Insurance Group annual results 2021 (news release)[9] Source: Zurich Insurance Group annual results 2020 (news release)[1] Source: Zurich Insurance Group full year results 2025 (media release)[4] Source: Zurich Insurance Group half year results 2026 (media release)[6] Source: Zurich Insurance Group half year results 2025 (media release)
SST risk-bearing capital (available capital) · Group
USD m · SST · Company-defined
Risk-bearing capital including the risk margin under the Swiss Solvency Test (Zurich's FINMA-approved internal model).
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[20] Source: Zurich Insurance Group Financial Condition Report 2025 (Swiss Solvency Test)[17] Source: Half year results 2025: investor and media presentation including commentary[18] Source: Half year results 2026: investor and media presentation including commentary
SST target capital (required capital) · Group
USD m · SST · Company-defined
Target capital under the Swiss Solvency Test: expected shortfall at 99% over one year.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[20] Source: Zurich Insurance Group Financial Condition Report 2025 (Swiss Solvency Test)[17] Source: Half year results 2025: investor and media presentation including commentary[18] Source: Half year results 2026: investor and media presentation including commentary
Underwriting9 metrics
P&C combined ratio (IFRS 4) · Group
% · IFRS 4 · Company-defined
P&C combined ratio under IFRS 4, reserves largely undiscounted. Not comparable with the IFRS 17 ratio, which is discounted and uses insurance revenue as the denominator.
Periods: FY2020, FY2021, FY2022. Sources: [9] Source: Zurich Insurance Group annual results 2020 (news release)[10] Source: Zurich Insurance Group annual results 2021 (news release)[11] Source: Zurich Insurance Group annual results 2022 (news release)
Accident-year loss ratio excluding catastrophes (undiscounted) · Group
% · IFRS 17 · Company-defined
P&C claims for the current accident year, excluding catastrophe losses, before discounting, over insurance revenue. The starting point of Zurich's combined ratio walk.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[3] Source: Investor and media presentation including commentary, annual results 2025[17] Source: Half year results 2025: investor and media presentation including commentary[18] Source: Half year results 2026: investor and media presentation including commentary
Catastrophe losses (points of the loss ratio) · Group
% · IFRS 17 · Company-defined
Catastrophe and major weather losses as percentage points of P&C insurance revenue. Zurich discloses them only in points, not in USD.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[3] Source: Investor and media presentation including commentary, annual results 2025[17] Source: Half year results 2025: investor and media presentation including commentary[18] Source: Half year results 2026: investor and media presentation including commentary
Effect of discounting (points of the loss ratio) · Group
% · IFRS 17 · Company-defined
Reduction of the loss ratio from discounting claims reserves under IFRS 17, in points; shown as a negative contribution, as in Zurich's walk.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[3] Source: Investor and media presentation including commentary, annual results 2025[18] Source: Half year results 2026: investor and media presentation including commentary
Prior-year reserve development (points of the loss ratio) · Group
% · IFRS 17 · Company-defined
Change in reserves for earlier accident years as points of P&C insurance revenue; negative means favourable (releases), as printed in Zurich's walk.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[3] Source: Investor and media presentation including commentary, annual results 2025[17] Source: Half year results 2025: investor and media presentation including commentary[18] Source: Half year results 2026: investor and media presentation including commentary
Combined ratio · Property & Casualty
% · IFRS 17 · Within business model
P&C claims and expenses over insurance revenue, IFRS 17 basis including the effect of discounting. Lower is better.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [1] Source: Zurich Insurance Group full year results 2025 (media release)[4] Source: Zurich Insurance Group half year results 2026 (media release)
Loss ratio · Group
% · IFRS 17 · Within business model
P&C claims over insurance revenue.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Expense ratio · Group
% · IFRS 17 · Within business model
P&C expenses over insurance revenue.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
P&C combined ratio · Group
% · IFRS 17 · Within business model
Loss ratio plus expense ratio, IFRS 17 basis including the effect of discounting.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [1] Source: Zurich Insurance Group full year results 2025 (media release)[4] Source: Zurich Insurance Group half year results 2026 (media release)
Life and retirement3 metrics
Insurance service result · Life
USD m · IFRS 17 · Within business model
Life insurance service result under IFRS 17, before non-controlling interests.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [19] Source: Zurich Insurance Group Annual Report 2024[2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Contractual service margin (closing balance) · Life
USD m · IFRS 17 · Within business model
Unearned profit on in-force life business at the period end, released to earnings over time under IFRS 17.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[3] Source: Investor and media presentation including commentary, annual results 2025[17] Source: Half year results 2025: investor and media presentation including commentary[5] Source: Zurich Insurance Group Half Year Report 2026
New business CSM · Life
USD m · IFRS 17 · Within business model
Contractual service margin added by new life business in the period: unearned profit recognised over time.
Periods: FY2024, H1 2025, FY2025, H1 2026. Sources: [1] Source: Zurich Insurance Group full year results 2025 (media release)[4] Source: Zurich Insurance Group half year results 2026 (media release)
Investment portfolio2 metrics
Net investment income (Group) · Group
USD m · IFRS 17 · Company-defined
Net investment income in the consolidated income statement, before allocation between BOP and non-operating items.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [19] Source: Zurich Insurance Group Annual Report 2024[2] Source: Zurich Insurance Group Annual Report 2025[5] Source: Zurich Insurance Group Half Year Report 2026
Net investment return on Group investments · Group
% · IFRS 17 · Company-defined
Net investment result over average Group investments, as Zurich reports it. Half-year figures are for six months and are not annualised.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [19] Source: Zurich Insurance Group Annual Report 2024[1] Source: Zurich Insurance Group full year results 2025 (media release)[5] Source: Zurich Insurance Group Half Year Report 2026
Balance sheet15 metrics
Total debt · Group
USD m · IFRS · Company-defined
Total debt of the Group at the period end, as Zurich presents it.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[5] Source: Zurich Insurance Group Half Year Report 2026[17] Source: Half year results 2025: investor and media presentation including commentary
Senior debt · Group
USD m · IFRS · Company-defined
Senior debt of the Group at the period end, as Zurich presents it.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[5] Source: Zurich Insurance Group Half Year Report 2026[17] Source: Half year results 2025: investor and media presentation including commentary
Subordinated debt · Group
USD m · IFRS · Company-defined
Subordinated debt of the Group at the period end, as Zurich presents it.
Periods: FY2023, FY2024, H1 2025, FY2025, H1 2026. Sources: [16] Source: Annual results 2024: investor and media presentation including commentary[5] Source: Zurich Insurance Group Half Year Report 2026[17] Source: Half year results 2025: investor and media presentation including commentary
Total assets · Group
USD m · IFRS · Company-defined
Total assets on the IFRS consolidated balance sheet at year end.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Total investments · Group
USD m · IFRS · Company-defined
Group investments plus investments for unit-linked contracts.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Group investments · Group
USD m · IFRS · Company-defined
Investments held for the Group's own account.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Debt securities · Group
USD m · IFRS · Company-defined
Debt securities on the IFRS consolidated balance sheet at year end.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Equity securities · Group
USD m · IFRS · Company-defined
Equity securities on the IFRS consolidated balance sheet at year end.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Real estate (investment property) · Group
USD m · IFRS · Company-defined
Investment property on the IFRS balance sheet.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Mortgage loans · Group
USD m · IFRS · Company-defined
Mortgage loans on the IFRS consolidated balance sheet at year end.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Other financial assets · Group
USD m · IFRS · Company-defined
Other financial assets on the IFRS consolidated balance sheet at year end.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Investments for unit-linked contracts · Group
USD m · IFRS · Company-defined
Assets backing unit-linked policies; investment risk is borne by policyholders.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Insurance contract liabilities · Group
USD m · IFRS · Company-defined
Insurance contract liabilities on the IFRS consolidated balance sheet at year end.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Liabilities for investment contracts · Group
USD m · IFRS · Company-defined
Liabilities for investment contracts on the IFRS consolidated balance sheet at year end.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Private-market investments6 metrics
Private credit · Group
USD m · Company-defined
Not separately disclosed. Zurich reports 'credit, private debt' together: 43.5% of its USD 177.6bn economic-view portfolio at end-2025 (Annual Report p. 271).
Periods: none. Missing: FY2025, FY2024
Infrastructure · Group
USD m · Company-defined
No infrastructure total is disclosed.
Periods: none. Missing: FY2025, FY2024
of which impact infrastructure private debt · Group
USD m · Company-defined
Infrastructure private debt held as impact investments. A subset only.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Private equity · Group
USD m · Company-defined
Not separately disclosed. Reported with hedge funds: 2.5% of the economic-view portfolio at end-2025 (Annual Report p. 271).
Periods: none. Missing: FY2025, FY2024
of which impact private equity · Group
USD m · Company-defined
Private equity held as impact investments. A subset only.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Total private-market investments · Group
USD m · Company-defined
Not disclosed, and not calculated: the categories above cannot be summed without omissions.
Periods: none. Missing: FY2025, FY2024
Capital generation1 metric
Cash remittances · Group
USD bn · Company-defined
Cash paid by business units to the holding company in the year. Zurich's own measure of capital generation.
Periods: FY2020, FY2021, FY2022, FY2023, FY2024, FY2025. Sources: [15] Source: Financial overview, annual results 2022[14] Source: Financial overview, annual results 2021[13] Source: Financial overview, annual results 2020[3] Source: Investor and media presentation including commentary, annual results 2025
Capital deployment4 metrics
Dividends paid to shareholders · Group
USD m · Company-defined
Cash dividends paid in the year, at the exchange rate on the transaction day.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Dividend per share · Group
CHF · Company-defined
Dividend per share for the financial year, approved at the following AGM.
Periods: FY2020, FY2021, FY2022, FY2023, FY2024, FY2025. Sources: [11] Source: Zurich Insurance Group annual results 2022 (news release)[10] Source: Zurich Insurance Group annual results 2021 (news release)[9] Source: Zurich Insurance Group annual results 2020 (news release)[2] Source: Zurich Insurance Group Annual Report 2025[3] Source: Investor and media presentation including commentary, annual results 2025
Acquisitions of companies, net of cash acquired · Group
USD m · Company-defined
Cash paid for acquisitions in the year, from the cash flow statement. Beazley completed in October 2026 and is not included.
Periods: FY2024, FY2025. Sources: [2] Source: Zurich Insurance Group Annual Report 2025
Evidence
Sources
[1]Results · Zurich Insurance Group · 19 February 2026
Zurich Insurance Group full year results 2025 (media release)
SupportsFY2025 and FY2024 headline figures, SST ratio at 31 December 2025 and 2024, cash remittances, dividend proposal.
[2]Filing · Zurich Insurance Group · 5 March 2026
Zurich Insurance Group Annual Report 2025
SupportsSegment results, regional P&C revenue, balance sheet, cash flows, investment allocation, impact investments, dividends, ticker, headquarters, employees, investor day.
[3]Investor presentation · Zurich Insurance Group · 19 February 2026
Investor and media presentation including commentary, annual results 2025
SupportsCash remittances, Core EPS and dividend per share FY2023 to FY2025; 2027 targets.
[4]Results · Zurich Insurance Group · 6 August 2026
Zurich Insurance Group half year results 2026 (media release)
SupportsH1 2026 and H1 2025 headline figures; SST ratio at 30 June 2026.
[5]Filing · Zurich Insurance Group · 5 August 2026
Zurich Insurance Group Half Year Report 2026
SupportsH1 segment results, P&C loss and expense ratios, capital raise, dividend payment, RedClick agreement.
Dated by the auditor's review report printed in the document (5 August 2026).
[6]Results · Zurich Insurance Group · 7 August 2025
Zurich Insurance Group half year results 2025 (media release)
SupportsSST ratio at 30 June 2025.
[7]Transaction · Zurich Insurance Group · 2 October 2026
Zurich completes Beazley acquisition (media release)
SupportsCompletion of the Beazley acquisition, integration targets and leadership appointments.
[8]Other source · Zurich Insurance Group · 11 October 2026
Zurich Insurance Group investor relations: calendar and events
SupportsZurich Insights 2025 on 18 November 2025 (listed under 2025 as an Investor Update); Investor Day 2026 on 17 November 2026.
A live web page with no publication date; the date is when it was read.
[9]Results · Zurich Insurance Group · 11 February 2021
Zurich Insurance Group annual results 2020 (news release)
SupportsFY2020 headline figures and SST estimate; FY2019 comparatives.
Read by the extraction workstream on 12 October 2026 (zurich.com blocks automated downloads). Each release's prior-year column was cross-checked against the previous release.
[10]Results · Zurich Insurance Group · 10 February 2022
Zurich Insurance Group annual results 2021 (news release)
SupportsFY2021 headline figures and SST estimate; FY2020 comparatives.
Read by the extraction workstream on 12 October 2026 (zurich.com blocks automated downloads). Each release's prior-year column was cross-checked against the previous release.
[11]Results · Zurich Insurance Group · 9 February 2023
Zurich Insurance Group annual results 2022 (news release)
SupportsFY2022 headline figures on IFRS 4 and SST estimate; FY2021 comparatives.
Read by the extraction workstream on 12 October 2026 (zurich.com blocks automated downloads). Each release's prior-year column was cross-checked against the previous release.
[12]Results · Zurich Insurance Group · 22 February 2024
Zurich Insurance Group annual results 2023 (media release)
SupportsFY2023 headline figures on IFRS 17 and FY2022 restated comparatives; SST at 1 January 2023 and 2024.
Read by the extraction workstream on 12 October 2026 (zurich.com blocks automated downloads). Each release's prior-year column was cross-checked against the previous release.
[13]Filing · Zurich Insurance Group · 11 February 2021
Financial overview, annual results 2020
SupportsNet cash remittances for 2020.
Read by the extraction workstream on 12 October 2026 (zurich.com blocks automated downloads). Each release's prior-year column was cross-checked against the previous release.
[14]Filing · Zurich Insurance Group · 10 February 2022
Financial overview, annual results 2021
SupportsNet cash remittances for 2021.
Read by the extraction workstream on 12 October 2026 (zurich.com blocks automated downloads). Each release's prior-year column was cross-checked against the previous release.
[15]Filing · Zurich Insurance Group · 9 February 2023
Financial overview, annual results 2022
SupportsNet cash remittances for 2022.
Read by the extraction workstream on 12 October 2026 (zurich.com blocks automated downloads). Each release's prior-year column was cross-checked against the previous release.
[16]Investor presentation · Zurich Insurance Group · 20 February 2025
Annual results 2024: investor and media presentation including commentary
SupportsFY2024 and FY2023 P&C combined ratio walk, BOP components, investment result, SST walk and debt.
[17]Investor presentation · Zurich Insurance Group · 7 August 2025
Half year results 2025: investor and media presentation including commentary
SupportsH1 2025 combined ratio walk, CSM, SST walk and debt.
[18]Investor presentation · Zurich Insurance Group · 6 August 2026
Half year results 2026: investor and media presentation including commentary
SupportsH1 2026 combined ratio walk, investment result and SST walk.
[19]Filing · Zurich Insurance Group · 6 March 2025
Zurich Insurance Group Annual Report 2024
SupportsFY2023 income statement and segment results (Table 26.3).
[20]Regulatory · Zurich Insurance Group · 9 April 2026
Zurich Insurance Group Financial Condition Report 2025 (Swiss Solvency Test)
SupportsSST risk-bearing capital and target capital at 31 December 2025 and 2024.
Dated by the board sign-off printed in the report; the publication date is not stated.
[21]Transaction · Zurich Insurance Group and Beazley (joint announcement) · 1 October 2026
Recommended cash offer by Zurich for Beazley: scheme of arrangement becomes effective
SupportsThe acquisition of Beazley.