Zurich Insurance Group (ZURN) Q3 2025 earnings summary

Executive summary

• Achieved strong group-wide revenue momentum and excellent profitability in the first nine months of 2025, with all regions and segments contributing positively to growth and record gross written premiums in Property & Casualty.

• Diversified business model and robust balance sheet position the group to capture future growth opportunities and deliver attractive long-term returns.

• Commercial insurance and specialty lines saw profitable growth, supported by targeted underwriting and portfolio management.

• Farmers Exchanges delivered 5% premium growth to $22.6 billion and added 103,000 new policies in six months, with surplus ratio rising to 50.9%.

• Life business gross written premiums rose 11% to $26.8 billion, with fee revenues up 17% and new business CSM at a record $879 million.

Financial highlights

• Property & Casualty gross written premiums reached $38.9 billion, up 8% year-over-year, with rate increases of 2%.

• Combined ratio in P&C improved by approximately 2 points year-over-year, with motorbook improving by almost 5 points and German retail by over 11 points.

• Farmers Exchanges maintained a mid-90s combined ratio, supporting growth ambitions and surplus stability.

• SST ratio estimated at 257% as of September 30, reflecting strong capital position.

• Life GWP rose 11% to $26.8 billion, with fee revenues up 17%, driven by capital-efficient savings and protection products.

Outlook and guidance

• Entering the final quarter with strong financial resilience and a clear focus on 2027 financial ambitions.

• Continued focus on profitable growth in Retail, Life, and Commercial Insurance, with strategic emphasis on Middle Market and Specialty lines to benefit from long-term trends such as infrastructure and technology investments.

• Expect continued improvement in combined ratio as portfolio actions earn through, subject to crop outcomes.

• Ongoing focus on organic growth, with selective consideration of accretive M&A opportunities.

• Upcoming investor event to provide further insights into growth strategies and long-term targets.