The first quarter holds significant importance in the insurance industry—far more than in the banking sector—since many premiums are typically due at the beginning of the year.

Zurich got off to a strong start, as evidenced by the figures published on Thursday: the insurer recorded growth across all business segments, surpassing analysts’ expectations.

In property and casualty insurance, gross premiums amounted to USD 13,3 billion, representing a 5 percent increase compared to the same period last year. Insurance revenue also rose by 5 percent to USD 10,8 billion.

Strong New Business in Life Insurance

Growth was even more pronounced in the life insurance segment, which plays a key role for Zurich. Gross premiums of USD 9,4 billion marked an 18 percent increase. This growth was primarily driven by capital-efficient savings and retirement protection products, according to the press release. Zurich also performed well in new business in the first quarter: in EMEA, which generates the bulk of income, new business premiums rose by 44 percent on a comparable basis, while in North America the increase was as high as 156 percent.

In the U.S., Zurich achieved 5 percent growth with Farmers, for which the Swiss insurer provides services. As of the end of March, gross premiums stood at USD 7,4 billion.

Wildfires Take Their Toll

Zurich’s growth was also fueled by premium adjustments: in personal lines, premiums increased by 5 percent, while commercial lines saw a 3 percent rise compared to the previous year.

Due to wildfires in California, natural catastrophe claims increased in the first quarter. This had a 3,2 percent impact on the combined ratio, up from 1,6 percent in the previous year.

Cautious Outlook

The outlook remains cautiously optimistic. «Thanks to our geographic diversification, strong track record, and solid balance sheet, I am confident that we will continue to achieve our goals even in a volatile environment,» said Claudia Cordioli, Group Chief Financial Officer.

The results from the first quarter mark the beginning of the new 2025–2027 financial cycle, which the Swiss insurance group has launched one year ahead of schedule.