Zurich Insurance Group Ltd

For the first 9 months of 2025, Zurich reported P&C gross written premiums of $38.9 billion, up 8% year-on-year. Retail GWP rose 16% year-on-year and 7% like-for-like, while the P&C combined ratio improved by approximately 2 points year-over-year; motor was better by almost 5 points and German retail by more than 11 points. Farmers Exchanges GWP increased 5% to $22.6 billion, with 103,000 new policies added in the last 6 months. Life GWP rose 11% to $26.8 billion, fee revenues increased 17%, new business margins were 6% versus 5.7% in H1, and new business CSM was $879 million. Zurich estimated its SST ratio at 257% as of September 30, reflecting profits and financial markets, partly offset by dividend accrual and October subordinated debt redemption. No next-quarter or full-year numeric guidance was given on the call; management reiterated focus on executing toward 2027 financial ambitions.

Mario Greco emphasized that Zurich is improving profitability while still growing, not just benefiting from benign catastrophe experience. He highlighted the strategic shift toward middle market and specialty lines, the creation of a dedicated global specialty unit in London, and the strength of Construction & Infrastructure as a global leadership position. On Farmers, he framed the turnaround as real and structural, saying the exchanges are now growing organically and that Zurich and Farmers are comfortable keeping surplus high to support growth.

Claudia Cordioli stressed broad-based revenue momentum and underwriting improvement across the group. She pointed to record P&C premiums of $38.9 billion, a roughly 2-point improvement in the P&C combined ratio, and a very strong SST ratio of 257%, supported by profit generation and markets. On capital, she said Farmers’ surplus is now first and foremost being used to support growth, and that any quota-share changes are still under discussion. She also said Zurich’s private credit allocation is only 5% of strategic assets, mostly high-quality and investment grade, with no need to change that positioning.

Analysts focused heavily on Farmers, pricing, and underwriting mix. Management said Farmers rates are still seeing positive development in homeowners and auto, but the bigger story is capital being used to support growth, with quota share potentially trending lower over time. On commercial pricing and loss ratios, Zurich said North America commercial pricing is still positive overall, with property softer but liability, motor, specialty, and workers’ comp still firm; management expects further underwriting improvement to continue, though crop remains an uncertainty.