Zurich Insurance Group (ZURN) Q4 2025 earnings summary

Executive summary

• Achieved record business operating profit (BOP) of USD 8.9 billion, up 14% year-over-year, and net income attributable to shareholders of USD 6.8 billion, a 17% increase, with Core ROE at 26.9%.

• Core earnings per share rose 13% to USD 45.1, and a dividend increase to CHF 30 per share is proposed, up over 7% year-over-year.

• All business segments—P&C, Life, and Farmers—delivered strong growth and momentum, with record profitability and operational discipline.

• Total assets reached $407.2 billion, up from $358.0 billion at the end of 2024.

• Dividend has increased by 50% since 2020 and 76% since 2016.

Financial highlights

• Gross written premiums (GWP) surpassed USD 50 billion for the first time, up 8% year-over-year.

• P&C BOP rose 22% to USD 5.1 billion, with a combined ratio improvement to 92.6%.

• Life BOP reached USD 2.3 billion, up 10% year-over-year, with record-high contractual service margin (CSM) at USD 13.8 billion.

• Farmers BOP up 4% to USD 2.4 billion, with Exchanges GWP up 4% and combined ratio at 84.6%.

• Cash remittances totaled USD 7.4 billion, supporting a payout ratio of 75-76%, and SST ratio stood at 259%.

Outlook and guidance

• Confident in achieving or exceeding 2027 financial targets, with strong momentum and focus on profitable organic growth.

• P&C insurance revenue and Life BOP expected to grow by mid-single digits year-over-year in 2026; Farmers Exchanges GWP to grow mid-to-high single digits.

• Life business maintains a conservative mid-single digit profit growth outlook, despite strong recent performance.

• Group Functions and Operations net expenses expected at USD 800-850m; effective tax rate between 25-27%.

• IFRS 18 and IFRS 19 will impact presentation and disclosure from 2027, but are not expected to materially affect financial position or performance.