Zurich Insurance Group (ZURN) Q1 2025 earnings summary

Executive summary

• Delivered a solid start to 2025 with strong revenue growth and expanding margins, supported by a diversified footprint and robust capital position.

• All business segments delivered top-line growth, supported by rate increases and improved margins.

• Focused on sustainable quality growth and long-term value creation, with proactive management actions across business lines.

• Focus areas include Specialties, Middle Market, Life Protection, and Farmers.

Financial highlights

• P&C gross written premiums rose 5% year-over-year to USD 13.3bn; insurance revenue up 6% like-for-like in P&C.

• Life business gross premiums increased 18% in the quarter to USD 9.4bn, with new business premiums up 27%.

• Farmers Exchanges GWP grew 5% to USD 7.4bn; surplus ratio improved to 42.6%.

• Gross retail premiums rose 11% in US dollars, with AIG global personal travel insurance contributing significantly.

• Farmers Management Services fee revenues up 3% year-over-year; Brokerages' fee service revenues up 34%.

Outlook and guidance

• Confident in achieving three-year targets and full-year expectations, with flexibility to adapt to changing environments.

• No changes to previously announced targets; management aims to exceed rather than revise guidance.

• Focus remains on disciplined execution, optimized risk pricing, and long-term capital allocation amid macroeconomic uncertainty.

• Broad business diversification underpins confidence in delivering long-term targets.

• Life business profit outlook remains at ambitious prior-year levels despite strong Q1 growth.