Zurich Insurance Group reports record full-year results
By Josh White
Date: Thursday 19 Feb 2026
(Sharecast News) - Zurich Insurance Group reported record results for 2025 on Thursday, with business operating profit rising 14% to $8.9bn, beating analyst expectations of about $8.8bn.
Net income attributable to shareholders increased 17% to $6.8bn, while core return on equity reached 26.9%, above its 2025 to 2027 target of more than 23%.
Core earnings per share rose 13% to $45.1.
The Swiss insurer said the performance reflected growth across all three business segments and disciplined underwriting.
Chief executive Mario Greco said the results indicated the group was "well on track to achieve or even exceed our 2027 targets".
The board proposed a 7% increase in the dividend to CHF 30 per share, subject to shareholder approval.
Zurich's property and casualty division delivered operating profit of $5.1bn, up 22%, as gross written premiums surpassed $50bn for the first time.
The combined ratio improved 1.6 percentage points to 92.6%, supported by what the company described as a benign natural catastrophe season.
Natural catastrophe losses accounted for 1.2% of premiums, below its guidance range of 2.5% to 3.0%.
Retail operating profit surged 50% on 16% premium growth, while commercial insurance profit rose 12%.
The life business reported operating profit of $2.3bn, up 2% on a reported basis and 10% excluding prior-year one-offs.
Zurich's contractual service margin, a measure of future profitability, rose to a record $13.8bn.
New business and gross premiums increased on a like-for-like basis, driven by demand for capital-efficient savings and protection products.
The US-focused Farmers segment posted its strongest operating profit on record at $2.4bn, broadly in line with expectations.
Farmers Exchanges gross written premiums rose 4% to $29.6bn, and the surplus ratio stood at 52.9%, well above its target range.
The exchanges recorded a net increase in policy counts of more than 150,000 for the first time in over a decade.
Zurich's Swiss Solvency Test ratio improved to 259% at year-end, compared with a minimum requirement of 160%, and cash remittances totalled $7.4bn.
Available financial resources rose to $43.2bn.
The results came as Zurich pursued an agreed £8bn takeover of UK specialty insurer Beazley, a deal that would expand its presence in specialty and cyber insurance and deepen its exposure to the Lloyd's of London market, according to Bloomberg.
Greco told Bloomberg Television he had "complete support" from the board and described shareholder feedback as "super positive".
The UK Takeover Panel had extended the deadline for Zurich to make a firm offer to 4 March.
At 1032 CET (0932 GMT), shares in Zurich Insurance Group were down 1.02% in Zurich at CHF 562.20.
Reporting by Josh White for Sharecast.com.
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