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 EPS grew 13% year-over-year, reaching USD 45.13, and a dividend increase to CHF 30 per share is proposed, up over 7%.

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

• Total assets reached USD 407.2 billion, and shareholders' equity rose 12% to USD 28.5 billion.

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 of 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 improved to 84.6%.

• Cash remittances totaled USD 7.4 billion, supporting a payout ratio of 75-76%.

• Net investment result on group investments was USD 7.6 billion, up from USD 6.8 billion year-over-year.

Outlook and guidance

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

• P&C insurance revenue expected to grow by mid-single digits year-over-year in 2026; Life and Farmers segments also project mid-to-high single digit growth.

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

• Life business maintains a conservative mid-single digit profit growth outlook.