Zurich Insurance Group (ZURN) Q3 2025 earnings summary

Executive summary

• Achieved strong group-wide revenue momentum and excellent profitability for the first nine months of 2025, with all regions and segments contributing positively 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.

• Life business delivered profitable growth, with gross written premiums up 11% to $26.8B and fee revenues up 17%.

• Farmers Exchanges saw gross written premiums rise 5% to $22.6B, with policy growth outpacing previous quarters and surplus ratio improving to 50.9%.

• Combined ratio improved by approximately 2 points year-over-year, with notable improvements in motor and German retail.

Financial highlights

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

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

• Farmers Exchanges GWP increased 5% to $22.6B, with a surplus ratio improvement to 50.9%.

• Swiss Solvency Test (SST) ratio estimated at 257% as of September 30, reflecting strong profit generation and capital strength.

• New business CSM in life reached $879M, the highest nine-month level since IFRS 17 introduction.

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, subject to crop outcomes and other external factors.

• Farmers Exchanges positioned for mid- to high single-digit growth, supported by strong surplus and profitability.

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