Zurich reports $8.9 billion operating profit
Zurich reported business operating profit of $8.9 billion for 2025, up 14% year over year, with net income attributable to shareholders of $6.8 billion and core return on equity of 26.9%. The insurer proposed a 7% dividend increase to CHF 30 per share and said it is making strong progress toward its 2025–2027 targets.
Property & Casualty operating profit rose 22% to $5.1 billion, while Commercial Insurance operating profit increased 12% to $3.8 billion.
Life operating profit totaled $2.3 billion, up 2%, or 10% excluding prior year one off items, with the contractual service margin reaching a record $13.8 billion. Growth was driven by capital efficient savings and protection products, with protection accounting for nearly 60% of Life operating profit.
Farmers delivered its strongest results, with operating profit up 4% to $2.4 billion. The Farmers Exchanges increased gross written premiums by 4% and added more than 150,000 net policies, while maintaining a combined ratio of 84.6% and a surplus ratio of 52.9%.
“Within Specialty, we see construction as a particular opportunity. We have a unique set of skills and capabilities with Zurich playing a leading role in supporting the rapid AI driven growth in demand for data centers. In the U.S. alone last year, we were involved in ensuring more than 200 projects with a total insured value of USD 150 billion.” – CEO Mario Greco.
Zurich also highlighted growth opportunities tied to technology and infrastructure demand, noting that in the U.S. it supported more than 200 data center projects in 2025 with a total insured value of $150 billion.
At Farmers, management said the agency force reduced operating costs by about 20% last year, with technology and AI related efficiencies contributing to cost reductions of up to 40% for agents. The company said agents are using AI tools and data to improve customer outreach and productivity, helping drive growth at lower costs.
“The AI and the deployment of AI has made the agency force in farmer is actually much more efficient. So talking to Raul and the team, they were highlighting that in general. So overall, the agency force has reduced the operating costs last year by approximately 20% and the more technology savings, saving agents have actually managed to reduce cost by 40%. So the fact that they can deploy those AI tools and Raul has been quite explicit in the technology they developed and the platform they are now deploying to the agency force. They managed to actually write more business, be more effective in the way they reach out to the customers. They’re able to use the data they’ve got available in a more sophisticated way. So the team at Farmers is actually positive, and they embrace the technology in a way that they believe will help them grow at lower costs rather than a threat.” – CFO Claudia Cordioli.
Zurich reported cash remittances of $7.4 billion and an estimated Swiss Solvency Test ratio of 259%, reflecting strong capital and liquidity. The company said the results position the group to meet or exceed its 2027 financial targets.
