Zurich Insurance Group (ZURN) CMD 2025 summary

Strategy and Financial Targets

• Confident in achieving 2027 targets: >9% EPS CAGR, >$19B cash remittances, >23% ROE, and maintaining SST above 160%, with all targets based on bottom-up business plans and tangible actions by business leaders.

• Disciplined execution of 2025-2027 priorities, targeting BOP > $4.2bn in Commercial, Middle Market GWP > $10bn, and strong cash generation and shareholder returns.

• Ahead of plan after the first year, with strong growth and profitability across all business lines, including robust performance in specialty, middle market, retail, and Farmers.

• Retail, life, and Farmers segments show strong recovery and transformation, supporting group targets and aiming for long-term profitability and operational excellence.

• Farmers continues transformation for sustainable growth, focusing on capital-light, high-return, and cash conversion.

Organizational and Business Model Changes

• Specialty reorganized as a global business to capture growth and invest in skills, with direct central investment in talent.

• Life business centralized under one leader to build skills and drive global growth.

• Retail underwriting standardized globally, leveraging German expertise for global rollout.

• Commercial insurance split into specialty, international, and U.S. divisions for focus and agility.

• Retail franchise aims to accelerate customer loyalization and improve operational excellence.

Market Opportunities and Growth Drivers

• Infrastructure, construction, energy transition, and AI/data centers are key growth areas, with specialty as the main growth engine focusing on construction, energy, and cyber.

• Middle market is highly profitable, fragmented, and growing faster than large corporate, with global expansion and local presence as key strategies.

• Retail leverages digital, direct, and partnership channels, with advanced pricing and claims management driving retention and profitability.

• Life and bancassurance (notably Zurich Santander) are highly cash-generative, with strong growth in Latin America and Europe.

• Life Protection targets 8% GWP CAGR, unified global model, and proprietary analytics to close a $400bn protection gap.