In the first half of 2025, Zurich Insurance Group posted a net income attributable to shareholders of USD 3,1 billion, compared to USD 3,0 billion in the same period last year. This result exceeded analysts’ expectations.

The property and casualty insurance business delivered an operating profit of USD 2,4 billion, an increase of 9 percent. According to a statement released on Thursday, this represents a historic high for this point in the year. Revenues and gross written premiums each rose by 7 percent, to USD 27,1 billion and USD 23,0 billion, respectively.

This performance reflects the Group’s consistent focus on high-quality, profitable growth. The combined ratio improved by 1,2 percentage points to 92.4 percent. Both the commercial and retail segments showed improved underlying performance. Natural catastrophe losses contributed 1,8 percentage points to the combined ratio, down from 2,4 percent in the first half of 2024. This improvement was attributed to the Group’s differentiated risk selection and advanced risk management practices.

Operating Profit Maintained in Life Business

In the life insurance segment, operating profit declined slightly by 2 percent in dollar terms to USD 1,03 billion. On a comparable basis, this represented a 2 percent increase. Maintaining last year’s record level highlights the continued strength of this segment, the statement added. The figure includes a one-off gain of USD 55 million related to the still-pending disposal of a legacy portfolio in Germany.

Gross written premiums from unit-linked and investment contract businesses rose by 5 percent to USD 10,2 billion, while premiums in the protection business grew by 3 percent to USD 4,7 billion. New business premiums increased by 20 percent to USD 10,0 billion.

Zurich’s U.S. subsidiary, Farmers Exchanges, increased its operating profit by 4 percent to USD 1.15 billion. Gross written premiums rose by 5 percent to USD 15.0 billion, and the combined ratio improved to 90.5 percent from 95.2 percent.

Disciplined Underwriting

«I am proud of these outstanding results, which highlight the strength of our disciplined underwriting and operational execution,» said Zurich CEO Mario Greco. He added that the results confirm the Group’s ability to effectively manage a diversified portfolio, a strong capital position, and high cash generation.

The Swiss Solvency Test (SST) ratio was reported at 255 percent.