Zurich Insurance Group reported continued top-line growth for the first nine months of 2025, which it says was supported by a diversified business model and a strong balance sheet.
Gross written premiums (GWP) in Zurich’s property and casualty (P&C) business rose by 8% to US$38.9 billion, with rate increases of 2% compared to the same period last year. The Commercial Insurance unit recorded 3% GWP growth, reflecting ongoing momentum in Global Specialties and Middle Market, as well as management actions in certain areas, such as US programmes, aimed at improving profitability.
The group’s US$9 billion specialty lines portfolio continues to see sustained demand, supported by Zurich’s network of 400 risk engineers. Within this portfolio, the construction segment achieved a 5% rate increase and improved profitability, with a combined ratio below the group’s specialty lines average of 85%.
Middle Market performance was strong, with 11% growth in Europe and 7% in core US segments, underpinned by a 4% increase in rates. Zurich has expanded its underwriting capabilities, adding more than 70 professionals to its North America team during the period, now servicing clients from over 30 offices. In EMEA, all countries reported growth, with Germany and Italy posting mid- to high-teen percentage increases.
Earlier in the year, Zurich posted a record profit of US$3.3 billion for the first half, with business operating profit up 11% year-on-year. The group reported that P&C gross written premiums increased by 9% and Life new business value rose by 18% in the same period.
Claudia Cordioli (pictured above), group chief financial officer, said, “Momentum remains strong across all our businesses, driven by exceptional Retail results, profitable premium growth in Life, and an accelerated increase in policy count at Farmers.”
“Our leading Commercial Insurance business continues to see high profitability, while our focus on Middle Market and Specialty lines positions us to benefit from long-term growth trends, such as investments in infrastructure and technology-related construction,” Cordioli said.
Retail GWP increased by 16%, reflecting growth momentum and margin improvement. EMEA delivered strong results across all lines, with Germany and Switzerland highlighted as key markets.
Motor GWP rose by 11% with rate changes of 8%, while property GWP increased by 9% with stable rates. The result was also supported by the completed acquisitions of AIG Travel and Zurich Kotak, which contributed to earnings this year.
Losses from natural catastrophes were lower than in the prior year, attributed to fewer events and Zurich’s risk selection. The group noted a 25% reduction in average annual US hurricane loss exposure over the past four years due to portfolio management.
The life insurance business maintained its growth trajectory, with gross premiums up 11%, driven by strong sales of a new savings product in Spain through a joint venture with Banco Sabadell. Protection business GWP grew by 2% like-for-like, with EMEA up 6%. Fee business revenue increased by 14% like-for-like.
Farmers Management Services reported a 3% rise in underlying fee income, supported by growth at the Farmers Exchanges and brokerage entities. The Farmers Exchanges, owned by policyholders, saw GWP increase by 5% and policies-in-force rise by 103,000 in the six months to September 30. The surplus ratio at the Farmers Exchanges reached 50.9% at the end of September.
