Zurich Insurance Group Ltd (ZURVY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the call this afternoon. I have with me our Group CEO Mario Greco and our Group CFO Claudio Cordioli. Before I hand over to Mario for the introductory remarks, could I please remind you to keep your questions for the Q&A session to a maximum of two, please. And also as a reminder, we'll not be taking any questions on the potential offer for Beazley PLC. For any information on that, please refer to our website. And with that, I'll hand over to Mario. Thank you, John. Good afternoon, everybody, and thank you for joining us. Let me provide a few remarks on our results before Claudia and I will hand you questions. We've made a very strong start to our new financial cycle with the record results, which indicate that we're well on track to achieve or even exceed our 2027 targets. Pop is at 14% to a record level of $8.9 billion, with core EPS at 13%. Net income attributable to shareholders is also the record level of 6.8 billion US dollars. Core ROE reached a new high of 26.9%, and as we continue to produce exceptional returns on capital while carefully pursuing disciplined growth. Profitability reached the record level across each of P&C life and farmers. P&C gross return premiums exceeded $50 billion for the first time, while their BOP exceeded $5 billion also for the first time. Life produced an underlying increase of 10% in BOP, while farmers produced another outstanding result with growth in policy count accelerating through the year, supported by the exchanges reporting a command ratio of 84.6%. Crucially, we also continue to demonstrate a structurally high level of conversion of earnings into cash, with remittances of $7.4 billion. This, together with Zurich's signature financial strength, underpins a proposed dividend of 30 Swiss francs, which is at more ...