Zurich Insurance Group (ZURN) Q2 2026 earnings summary

Executive summary

• Business operating profit reached a record USD 4.8 billion, up 13% year-over-year, with all segments contributing and core EPS rising 11.5% to USD 24.21; net income attributable to shareholders increased 14% to USD 3.5 billion.

• Strongest growth observed in Specialty, Middle Market, Life, and Farmers, driven by demand for technology, infrastructure, and protection solutions.

• Major acquisitions announced, including Beazley plc and ClearView Wealth Limited, with Beazley expected to close in H2 2026.

• Confident in meeting or exceeding 2027 financial targets, supported by robust capital and favorable structural trends.

Financial highlights

• Property & Casualty BOP up 16% to USD 2.8 billion; GWP grew 7% to USD 29.9 billion; combined ratio at 92.7%.

• Life BOP up 23% to USD 1.3 billion; GWP at USD 19.5 billion; protection premiums up 10%.

• Farmers BOP at a record USD 1.2 billion; GWP up 4% to USD 15.6 billion; combined ratio at 82.4%.

• Net investment result on Group investments up 35% to USD 4.1 billion; net investment return at 2.4%.

• Shareholders’ equity increased to USD 31.3 billion; Swiss Solvency Test ratio at 266%.

Outlook and guidance

• Confident in meeting or exceeding all 2027 financial targets, with strong momentum at the midpoint of the three-year plan.

• Life BOP for FY 2026 expected to grow by at least 10% year-over-year, above previous guidance.

• Beazley acquisition, partly financed by a March 2026 capital raise, expected to close in H2 2026.

• Continued focus on higher margin products and resilience in market conditions.